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Uncertain inflation and price-level rules

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  • 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.

Suggested Citation

  • Jeffrey J. Hallman, 1992. "Uncertain inflation and price-level rules," Economic Commentary, Federal Reserve Bank of Cleveland, issue Jan.
    • Handle: RePEc:fip:fedcec:y:1992:i:jan15
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    Citations

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    Cited by:

    1. Peter Ferderer, J., 1998. "The determinants of monetary target credibility," The Quarterly Review of Economics and Finance, Elsevier, vol. 38(4), pages 825-841.
    2. Samantha Johnson, 1993. "The costs of inflation revisited," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 56, March.

    More about this item

    Keywords

    Prices; Inflation (Finance);

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