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This book presents important aspects of the New-Keynesian theory of monetary policy and its implications for the practical decision making of central bankers today. It brings together research contributions presented at the Deutsche Bank Prize in Financial Economics 2007 symposium, recognizing Professor Michael Woodford for his contributions to monetary policy theory and analysis. It includes chapters by Bennett McCallum and Jordi Gali on the New-Keynesian approach, providing insights into understanding the economy and avenues for further research.