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Price stability: is a tough central bank enough?

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Author Info
Lawrence J. Christiano
Terry J. Fitzgerald

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Abstract

What is the best way to achieve price stability? Conventional wisdom says that a tough, independent central bank is all that is necessary. However, a new view—the fiscal theory of the price level—argues that an appropriate fiscal policy is also required, no matter how tough the central bank may be. The choice of the fiscal theory versus the conventional view has significant implications for the way central banks do business.

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File URL: http://www.clevelandfed.org/research/commentary/2000/0801.htm
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Publisher Info
Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.

Volume (Year): (2000)
Issue (Month): Aug 1 ()
Pages:
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Handle: RePEc:fip:fedcec:y:2000:i:aug1

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Related research
Keywords: Fiscal policy ; Monetary policy ; Banks and banking; Central;

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This page was last updated on 2009-12-15.

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