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On the cost of inflation

Paul Gomme ()

Economic Commentary, 2001, issue May

Abstract: The FOMC has two objectives: maximizing sustainable economic growth and maintaining price stability. At times-like the past year-these goals appear to be in conflict. This Commentary outlines some economic theory that suggests that in the long run, the FOMC can achieve its two objectives by focusing primarily on its price stability target.

Keywords: Inflation (Finance); Economic conditions - United States; Monetary policy (search for similar items in EconPapers)
Date: 2001
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Handle: RePEc:fip:fedcec:y:2001:i:may15