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This collection draws together Leijonhufvud's essays dealing with the extremes of economic instability: great depressions, high inflation and the transition from socialism to a market economy. A neo-institutionalist perspective is brought to the problems of coordination in economic systems.

Monetary Theory and Policy Experience offers a broad context for the question of why governments prefer to limit themselves to a specific inflation target. Academic specialists and senior officials of the European Central Bank, the OECK and national central banks look beyond inflation targeting as the goal of monetary policy. Nobel Laureate Robert Mundell, surveys the history and prospects of the sovereignty of the state over money, while Michael Bordo and Lars Jonung use data of fourteen industrialized countries over the past century to show relationships between fiscal and monetary...

Since the inflationary 1970s, theoretical work on monetary policy has concentrated almost exclusively on price-level stabilization and the avoidance of nominal shocks.