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Maintaining price stability: a proposal

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  • Robert L. Hetzel

Abstract

The Neal Resolution, now in Congress, would make price stability the dominant goal of monetary policy. The first of these two articles holds that policymakers discretion over the price level increases political conflict. Further, it argues that removing this discretion would restore the dollar to the role envisioned by the Framers of the Constitution. The second article proposes an instrument for measuring inflation expected by the market and argues that such a measure would encourage monetary policy-makers to maintain price stability.

Suggested Citation

  • Robert L. Hetzel, 1990. "Maintaining price stability: a proposal," Economic Review, Federal Reserve Bank of Richmond, vol. 76(Mar), pages 53-55.
    • Handle: RePEc:fip:fedrer:y:1990:i:mar:p:53-55:n:v.76no.2
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    File URL: https://fraser.stlouisfed.org/files/docs/publications/frbrichreview/rev_frbrich199003.pdf
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    References listed on IDEAS

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    1. Lindbeck, Assar, 1989. " Remaining Puzzles and Neglected Issues in Macroeconomics," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(2), pages 495-516.
    2. Thomas M. Humphrey, 1974. "The concept of indexation in the history of economic thought," Economic Review, Federal Reserve Bank of Richmond, vol. 60(Nov), pages 1-16.
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    Cited by:

    1. Sumner, Scott, 2017. "Monetary policy rules in light of the great recession," Journal of Macroeconomics, Elsevier, vol. 54(PA), pages 90-99.
    2. Jackson, Aaron L., 2010. "Policy futures markets with multiple goals," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 45-54, March.
    3. Sumner Scott, 2006. "Let a Thousand Models Bloom: The Advantages of Making the FOMC a Truly 'Open Market'," The B.E. Journal of Macroeconomics, De Gruyter, vol. 6(1), pages 1-27, October.

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