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Federal Reserve Bank of Cleveland
Economic Commentary
Uncertain inflation and price-level rules
Jeffrey J. Hallman
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.


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Jeffrey J. Hallman, "Uncertain inflation and price-level rules" , Federal Reserve Bank of Cleveland, Economic Commentary, issue Jan, 1992.
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Keywords: Inflation (Finance) ; Prices
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