Journal Article
A monetary policy paradox
Abstract: An exploration of the paradoxical link between interest rates and inflation in the short versus the long run, showing that it may be more difficult for a central bank to achieve credibility--and hence a less costly transition to a stable price environment--without first making the monetary authorities accountable for publicly stated multiyear objectives for the price level.
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Bibliographic Information
Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 1995
Issue: Aug
Order Number: 2