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A mandate for price stability


  • Robert L. Hetzel


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. "A mandate for price stability," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 45-53.
  • Handle: RePEc:fip:fedrer:y:1990:i:mar:p:45-53:n:v.76no.2

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    References listed on IDEAS

    1. Stephen P. Zeldes, 1989. "Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence," The Quarterly Journal of Economics, Oxford University Press, vol. 104(2), pages 275-298.
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    Cited by:

    1. Mark A. Wynne, 1999. "The European system of central banks," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q I, pages 2-14.

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    Inflation (Finance) ; Monetary policy ; Prices;


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