Journal Article
Uncertain inflation and price-level rules
Abstract: An analysis of the sources and costs of unpredictable inflation, finding that the uncertainty stems from a lack of appropriate constraints on the monetary policy process, and that the costs could be sharply reduced by adopting a policy that targets a long-run path for the price level.
Keywords: Prices; Inflation (Finance);
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Bibliographic Information
Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 1992
Issue: Jan
Order Number: 2