This book by the expert on monetary policies, Frederic S. Mishkin, offers a unique view of the subject. "... Monetary authorities and governments in almost all countries of the world have come to accept the following ideas: 1) there is no long-run trade-off between output ( employment ) and inflation; 2) expectations are critical to monetary policy outcomes; 3) inflation has high costs; 4) monetary policy is subject to the time-inconsistency problem; 5) central bank independence is needed to produce succesful monetary policy." (Quoted from book)