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A monetary policy paradox

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  • Charles T. Carlstrom

Abstract

An exploration of the paradoxical link between interest rates and inflation in the short versus the long run, showing that it may be more difficult for a central bank to achieve credibility--and hence a less costly transition to a stable price environment--without first making the monetary authorities accountable for publicly stated multiyear objectives for the price level.

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File URL: http://www.clevelandfed.org/Research/commentary/1995/0815.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.

Volume (Year): (1995)
Issue (Month): Aug ()
Pages:

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Handle: RePEc:fip:fedcec:y:1995:i:aug15

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Keywords: Monetary policy;

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Cited by:
  1. Marie Briere, 2006. "Market Reactions to Central Bank Communication Policies :Reading Interest Rate Options Smiles," Working Papers CEB 38, ULB -- Universite Libre de Bruxelles.
  2. Michael S. Dueker & Andreas M. Fischer, 1996. "Are federal funds rate changes consistent with price stability? Results from an indicator model," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 45-51.
  3. Ielpo, Florian & Brière, Marie, 2009. "Yield Curve Reaction to Macroeconomic News in Europe : Disentangling the US Influence," Economics Papers from University Paris Dauphine 123456789/9305, Paris Dauphine University.

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