Excerpt from "Introduction"
"This volume is meant as a small step in reintroducing the art of monetary policy and its relationship to the economy to students and theorists. It is a collection of essays by practitioners of monetary policy conveying their vision of how monetary policy and the economy work. All the essays were written in honor of Alan Holmes, who epitomized the professional policymaker. They were delivered to a senior economics seminar at Middlebury College, and the contributors were asked to maintain an informal presentation style so that their thoughts would be accessible to a wide range of readers.
None of the essays in this volume is highly technical. Economics students at various levels should be able to follow all of the theory in them. But the insight they provide into policy and the problems of monetary policy is deep. They give one a better sense of the depth of real-world monetary policy than do most graduate courses in monetary theory and policy. they are written by the true artists of monetary policy, and we believe Alan Holmes would have been pleased by their message."
-David Colander and Dewey Daane