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A price objective for monetary policy


  • William T. Gavin
  • Alan C. Stockman


An argument that the Federal Reserve, by targeting a long-run path for the price level, could achieve its price-stability objective without inhibiting its short-term goals.

Suggested Citation

  • William T. Gavin & Alan C. Stockman, 1992. "A price objective for monetary policy," Economic Commentary, Federal Reserve Bank of Cleveland, issue Apr.
  • Handle: RePEc:fip:fedcec:y:1992:i:apr1

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    References listed on IDEAS

    1. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-987, December.
    2. Christopher D. Carroll & Lawrence H. Summers, 1991. "Consumption Growth Parallels Income Growth: Some New Evidence," NBER Chapters,in: National Saving and Economic Performance, pages 305-348 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Peter Ferderer, J., 1998. "The determinants of monetary target credibility," The Quarterly Review of Economics and Finance, Elsevier, vol. 38(4), pages 825-841.
    2. Charles T. Carlstrom & Timothy S. Fuerst, 2001. "Real Indeterminacy in Monetary Models with Nominal Interest Rate Distortions," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(4), pages 767-789, October.
    3. David Altig, 1992. "An ebbing tide lowers all boats: monetary policy, inflation, and social justice," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 14-22.

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    Monetary policy;


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