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

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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Year of publication:	1991
Authors:	Gavin, William T. ; Stockman, Alan C.
Published in:	Economic Review. - Federal Reserve Bank of Cleveland. - 1991, Q I, v. 27, no. 1, p. 2-8
Publisher:	Federal Reserve Bank of Cleveland
Subject:	Inflation (Finance) \| Monetary policy

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Extent:	application/pdf
Type of publication:	Article
Language:	English
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005491062