Federal Reserve Bank of Cleveland
A monetary policy paradox
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.
Cite this item
Charles T. Carlstrom, "A monetary policy paradox"
, Federal Reserve Bank of Cleveland, Economic Commentary, issue Aug, 1995.
Keywords: Monetary policy
This item with handle RePEc:fip:fedcec:y:1995:i:aug15
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