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Why a rule for stable prices may dominate a rule for zero inflation

Author

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  • William T. Gavin
  • Alan C. Stockman

Abstract

An 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.

Suggested Citation

  • William T. Gavin & Alan C. Stockman, 1991. "Why a rule for stable prices may dominate a rule for zero inflation," Economic Review, Federal Reserve Bank of Cleveland, issue Q I, pages 2-8.
  • Handle: RePEc:fip:fedcer:y:1991:i:qi:p:2-8:n:v.27no.1
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    File URL: http://www.clevelandfed.org/Research/Review/1991/91-q1-gavin.pdf
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    File URL: https://fraser.stlouisfed.org/scribd/?toc_id=199338&filepath=/docs/publications/frbclevreview/rev_frbclev_1991q1.pdf&start_page=3#scribd-open
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    References listed on IDEAS

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    1. Alberto Alesina, 1988. "Macroeconomics and Politics," NBER Chapters,in: NBER Macroeconomics Annual 1988, Volume 3, pages 13-62 National Bureau of Economic Research, Inc.
    2. William T. Gavin & Alan C. Stockman, 1988. "The case for zero inflation," Economic Commentary, Federal Reserve Bank of Cleveland, issue Sep.
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    Cited by:

    1. 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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