Journal Article
On the cost of inflation
Abstract: The FOMC has two objectives: maximizing sustainable economic growth and maintaining price stability. At times-like the past year-these goals appear to be in conflict. This Commentary outlines some economic theory that suggests that in the long run, the FOMC can achieve its two objectives by focusing primarily on its price stability target.
Keywords: Monetary policy; economic conditions - United States; Inflation (Finance);
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Bibliographic Information
Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 2001
Issue: May
Order Number: 2