This volume contains two major papers prepared for the Bank of England\'s Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers....

Significantly rewritten and updated, this well known textbook covers the whole of monetary economics, from the role of money to international monetary relationships. It is unique in linking theoretical findings to policy issues and events, and extends conventional analyses of financial intermediation and monetary theory....

As economic advisor to the Bank of England for many years, C. A. E. Goodhart is uniquely positioned to assess the role of the central bank in the modern financial system....