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Journal Article

Why a rule for stable prices may dominate a rule for zero inflation


Abstract: An analysis of how a rule for monetary policy specifying a stable price level may dominate a rule for zero inflation with price-level drift, even in the case where, for purely economic reasons, an inflation rule is preferred.

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File(s): File format is text/html http://www.clevelandfed.org/Research/Review/1991/91-q1-gavin.pdf

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Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Economic Review

Publication Date: 1991

Volume: 27

Issue: Q I

Pages: 2-8