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Federal Reserve Bank of Cleveland
Economic Commentary
A monetary policy paradox
Charles T. Carlstrom
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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Charles T. Carlstrom, "A monetary policy paradox" , Federal Reserve Bank of Cleveland, Economic Commentary, issue Aug, 1995.
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Keywords: Monetary policy
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