Why a rule for stable prices may dominate a rule for zero inflation
AbstractAn analysis of how a rule for monetary policy specifying a stable price level may dominate a rule for zero inflation with price-level drift, even in the case where, for purely economic reasons, an inflation rule is preferred.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Cleveland in its journal Economic Review.
Volume (Year): (1991)
Issue (Month): Q I ()
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- Alberto Alesina, 1988. "Macroeconomics and Politics," NBER Chapters, in: NBER Macroeconomics Annual 1988, Volume 3, pages 13-62 National Bureau of Economic Research, Inc.
- William T. Gavin & Alan C. Stockman, 1988. "The case for zero inflation," Economic Commentary, Federal Reserve Bank of Cleveland, issue Sep 15.
- Toma, Mark, 1995. "The compatibility of central bank price rules with financial stability," Journal of Economics and Business, Elsevier, vol. 47(2), pages 193-203, May.
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