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Uncertain inflation and price-level rules

Jeffrey J. Hallman

Economic Commentary, 1992, issue Jan

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.

Keywords: Inflation (Finance); Prices (search for similar items in EconPapers)
Date: 1992
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Handle: RePEc:fip:fedcec:y:1992:i:jan15