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Interest rate smoothing and price level trend-stationarity

  • Marvin Goodfriend

For industrial countries in the post-war period, the price level and the money stock have displayed little tendency to revert to given growth paths. Indeed, this stylized fact is frequently referred to by monetarist critics of central banks, who point out that periods of temporarily high or low money growth, rather than being subsequently reversed, typically alter the level of money stock and prices permanently.

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Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 87-03.

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Date of creation: 1987
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Publication status: Published in Journal of Monetary Economics, May 1987, v. 19, iss. 3, pp. 335-48
Handle: RePEc:fip:fedrwp:87-03
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