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Issues Concerning Nominal Anchors for Monetary Policy

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  • Robert Flood
  • Michael Mussa

Abstract

This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business-cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review, in the context of a variety of models, some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4850.

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Date of creation: Sep 1994
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Handle: RePEc:nbr:nberwo:4850

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Cited by:
  1. De Melo, Martha & Denizer, Cevdet, 1997. "Monetary policy during transition : an overview," Policy Research Working Paper Series 1706, The World Bank.
  2. Raoul Lättemäe, 2002. "Monetary Transmission Mechanism in Estonia - Some Theoretical Considerations and Stylized Aspects," Macroeconomics 0212001, EconWPA.
  3. C.A. Sims, 1999. "The Precarious Fiscal Foundations of EMU," DNB Staff Reports (discontinued) 34, Netherlands Central Bank.

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