LEO. Stensson/ European Economic Review 46(2002)771-780 esearcher at central banks some of the best work in the area has been done at some central banks. Many red issues remain, though. The limited space here has only allowed me to touch on one such issue Acknowledgements I thank Kathleen Degennaro for secretarial and editorial assistance References Amato, J D, Gerlach, S, 2002. Inflation targeting in emerging market and transition economies: Lessons after a decade. European Economic Review 46, this issue Baltensperger, E, Fischer, A M, Jordan, TJ, 2001. Abstaining from inflation targets: Understanding SNB rhetoric in the inflation targeting debate. Working paper, Swiss National Bank. Brash, D.T., 2001. Making monetary policy: A look behind the curtains. Speech in Christchurch, New Zealand, January 26, 2001, Reserve Bank of New Zealand. Cecchetti, S.G., 1998. Central bank policy rules: Conceptual issues and practical considerations. In: Helmut w.(Ed ) Current Issues in Monetary Economics. Physica-Verlag, Heidelberg, pp. 121-140 Cecchetti, SG Making monetary policy: Objectives and rules. Oxford Review of Economic Policy 16(4),43-59 Clarida, R, Gali, J, Gertler, M, 1999. The science of monetary policy: A New Keynesian perspective. ournal of Economic Literature 37. 1661-1707 Federal Reserve Bank of Kansas City, 1996. Achieving price stability. Federal Reserve Bank of Kansas City, Kansas City Federal Reserve Bank of Kansas City, 1999. New challenges for monetary policy. Federal Reserve Bank of Kansas City, Kansas oodhart, C.A.E., 2001. Monetary transmission lags and the formulation of the policy decision on interest rates. Federal Reserve Bank of St. Louis Review 83 July/August(2001), 165-181 Heikensten, L, 1999. The Riksbank,s inflation target -clarification and evaluation. Sveriges Riksbank Quarterly Review 1/1999, 5-17 udd, J.P., Rudebusch, G.D., 1998. Taylors rule and the Fed: 1970-1997. Federal Reserve Bank of San Francisco Economic Review 1998(3), 3-16. Rogoff, K, 1985. The optimal degree of commitment to an intermediate monetary target. Quarterly Journal of economics 100. 1169-1190 Rudebusch, G D, Svensson, L.E.O., 1999. Policy rules for inflation targeting. In: Taylor, J B(Ed), Monetary Policy Rules. Chicago University Press, Chicago, IL., PP. 203-246 A, 1980. Macroeconomics and reality. Econometrica 48, 1-48 L EO, 1997. Inflation forecast targeting: Implementing and monitoring inflation targets. Europea nic Review 41. 1111-1146 n,LEO, 1999. Inflation targeting as a monetary policy rule. Joumal of Monetary Economics 4 Svensson, L.E.O., 2001a. Independent review of the operation of monetary policy in New Zealand: Report to the minister of final www.princeton.edu/wsvensson/. Svensson, LEO, 2001b. What is wrong with Taylor rules? Using judgment in monetary policy through targeting rules. Working paper, Princeton University, Princeton, NJ Svensson, L.E.O., Woodford, M., 1999. Implementing optimal policy thro Working paper, Princeton University, Princeton, NJL.E.O. Svensson / European Economic Review 46 (2002) 771 – 780 779 researcher at central banks – indeed, some of the best work in the area has been done at some central banks. Many unresolved issues remain, though. The limited space here has only allowed me to touch on one such issue. Acknowledgements I thank Kathleen DeGennaro for secretarial and editorial assistance. References Amato, J.D., Gerlach, S., 2002. In ation targeting in emerging market and transition economies: Lessons after a decade. European Economic Review 46, this issue. Baltensperger, E., Fischer, A.M., Jordan, TJ., 2001. Abstaining from in ation targets: Understanding SNB rhetoric in the in ation targeting debate. Working paper, Swiss National Bank. Brash, D.T., 2001. Making monetary policy: A look behind the curtains. Speech in Christchurch, New Zealand, January 26, 2001, Reserve Bank of New Zealand. Cecchetti, S.G., 1998. Central bank policy rules: Conceptual issues and practical considerations. In: Helmut, W. (Ed.), Current Issues in Monetary Economics. Physica-Verlag, Heidelberg, pp. 121–140. Cecchetti, S.G., 2000. Making monetary policy: Objectives and rules. Oxford Review of Economic Policy 16 (4), 43–59. Clarida, R., GalUV, J., Gertler, M., 1999. The science of monetary policy: A New Keynesian perspective. Journal of Economic Literature 37, 1661–1707. Federal Reserve Bank of Kansas City, 1996. Achieving price stability. Federal Reserve Bank of Kansas City, Kansas City. Federal Reserve Bank of Kansas City, 1999. New challenges for monetary policy. Federal Reserve Bank of Kansas City, Kansas City. Goodhart, C.A.E., 2001. Monetary transmission lags and the formulation of the policy decision on interest rates. Federal Reserve Bank of St. Louis Review 83 July=August (2001), 165 –181. Heikensten, L., 1999. The Riksbank’s in ation target – clari@cation and evaluation. Sveriges Riksbank Quarterly Review 1=1999, 5–17. Judd, J.P., Rudebusch, G.D., 1998. Taylor’s rule and the Fed: 1970 –1997. Federal Reserve Bank of San Francisco Economic Review 1998 (3), 3–16. RogoN, K., 1985. The optimal degree of commitment to an intermediate monetary target. Quarterly Journal of Economics 100, 1169–1190. Rudebusch, G.D., Svensson, L.E.O., 1999. Policy rules for in ation targeting. In: Taylor, J.B. (Ed), Monetary Policy Rules. Chicago University Press, Chicago, IL., PP. 203–246. Sims, C.A., 1980. Macroeconomics and reality. Econometrica 48, 1– 48. Svensson, L.E.O., 1997. In ation forecast targeting: Implementing and monitoring in ation targets. European Economic Review 41, 1111–1146. Svensson, L.E.O., 1999. In ation targeting as a monetary policy rule. Journal of Monetary Economics 43, 607–654. Svensson, L.E.O., 2001a. Independent review of the operation of monetary policy in New Zealand: Report to the Minister of Finance. www.princeton.edu/∼svensson/. Svensson, L.E.O., 2001b. What is wrong with Taylor rules? Using judgment in monetary policy through targeting rules. Working paper, Princeton University, Princeton, NJ. Svensson, L.E.O., Woodford, M., 1999. Implementing optimal policy through in ation-forecast targeting. Working paper, Princeton University, Princeton, NJ