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A monetary policy paradox

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Author Info
Charles T. Carlstrom

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

Volume (Year): (1995)
Issue (Month): Aug 15 ()
Pages:
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Handle: RePEc:fip:fedcec:y:1995:i:aug15

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Related research
Keywords: Monetary policy;

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Marie Brière & Ombretta Signori & Kokou Topeglo, 2006. "Bond Market “Conundrum”: New Factors Explaining Long-term Interest Rates?," Working Papers CEB 06-024.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
  2. Marie Brière & Florian Ielpo, 2007. "Yield curve reaction to macroeconomic news in Europe : disentangling the US influence," Working Papers CEB 07-038.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
  3. Marie Brière, 2006. "Market Reactions to Central Bank Communication Policies : Reading Interest Rate Options Smiles," Working Papers CEB 06-009.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
  4. 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. [Downloadable!]
Statistics
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This page was last updated on 2009-11-18.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.