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Leading monetary economists discuss applied aspects of monetary policy and offer practical research on the timing, magnitude and channels of central banking actions in this study. Some of the papers in this volume evaluate a variety of policy rules based on monetary aggregates, nominal income, commodity prices and other economic variables. Others analyze price behaviour and inflation, particularly the short-run behaviour of prices. The monetary transmission mechanism - the channel through which the central bank's actions affect spending on goods and services - with a focus on the reduction in bank lending that must accompany a reduction in reserves, is also assessed.