ABSTRACT. McCauley remarks that the transmission of the policy interest rate out the yield curve can be strongly affected by exchange rate expectations. Camen presents the current status of the reform of monetary policy in the context of economic and financial sector developments in Vietnam. Ito reviews critically policy actions of the Bank of Japan under a deflationary environment from 1998 to 2005. Bhattacharya contends that what makes India an especially attractive case to examine the generality of the theory is the fact that the monetary policy framework in India has changed twice since the 1980s.