Stephen Grenville, former deputy governor of the Reserve Bank of Australia, writes that economists are again debating the role of money in monetary policy. For more than two decades, money has almost disappeared from monetary policy. Most central banks target inflation, using the short-term interest rate as their instrument. Is there any role left for...

The broad tenets of the Washington Consensus, with its market-based policies, remain in place, but there is a recognition that well-functioning markets require complex institutions, rules and procedures, and that these take time and effort to develop. Dr Stephen Grenville asks how economic policymaking changed as a result of the Asian crisis of 1997-8, in...