Some aspects of inflation targeting / William A. Allen -- Back to the future of low global inflation / DeAnne Julius -- Does faster inflation raise or cut the rate of growth / Peter Sinclair -- Recent development in central banking: some special features of the Monetary Policy Committee and of the European System of Central Banks / Charles Goodhart -- Thoughts on the new financial architecture / Andrew Crockett -- Reducing the cost of bank crises: is Basel enough? / Jerry Caprio and Patrick Honohan -- A world without money and banking? / Andrew Mullineux -- Money and finance on the periphery of the international dollar standard / Ronald McKinnon -- Survey data on exchange-rate expectations: more currencies, more horizons, more tests / Menzie Chinn and Jeffrey Frankel -- Alternative monetary targets and policy transmission and adjustments: the case of Taiwan / James Ford and Katherine Hsu -- New transmission mechanisms and instruments of monetary policy at near zero-interest rates: the case of Japan in the late 1990s / Eric Giradin and Nicholas Horsewood -- Real exchange and capital flows / Chang Shu -- Foreign investment and macroeconimic uncertainty: an empirical analysis of recent experience from the European Union / David G. Dickinson.