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High unemployment points to below-target (but still stable) inflation

Author

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  • Atkinson, Tyler
  • Koenig, Evan F.

Abstract

The Federal Reserve has a mandate to promote price stability and full employment. Generally, “price stability” is given a forward-looking interpretation. Policy should be conducted so that expected medium-term (two- to five-year) inflation is low and stable or, less strictly, so that expected inflation beyond the next few years is low and stable. Households and businesses, too, are generally more interested in where prices are headed than in where they have been.

Suggested Citation

  • Atkinson, Tyler & Koenig, Evan F., 2012. "High unemployment points to below-target (but still stable) inflation," Economic Letter, Federal Reserve Bank of Dallas, vol. 7(12), pages 1-4, October.
  • Handle: RePEc:fip:feddel:y:2012:i:oct:n:v.7no.12
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    File URL: http://www.dallasfed.org/assets/documents/research/eclett/2012/el1212.pdf
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    Cited by:

    1. Tyler Atkinson & David Luttrell & Harvey Rosenblum, 2013. "How bad was it? The costs and consequences of the 2007–09 financial crisis," Staff Papers, Federal Reserve Bank of Dallas, issue Jul.

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    Keywords

    Forecasting;

    Statistics

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