A monetary policy paradox

Charles Carlstrom

Economic Commentary, 1995, issue Aug

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.

Keywords: Monetary; policy (search for similar items in EconPapers)
Date: 1995
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