Join our mailing list!
(Your shopping cart is empty)
Diane Publishing Books
What is the Monetary Standard, or, How Did the Volcker-Greenspan FOMCs Tame Inflation?: A Reprint from the “Economic Quarterly”
Robert L. Hetzel (au)
Central banks (CB), which possess a monopoly over the creation of fiat money (the monetary base), control trend inflation. But how do they exercise this control, especially given that their use of the interest rate as the policy instrument renders money endogenous (determined by market forces)? There are two alternatives. First, CB control inflation through the way that they manipulate the unemployment rate (subject to a trade-off between changes in inflation and the amount of excess unemployment). Second, CB control inflation by following consistent procedures that combine two characteristics. These procedures provide for a nominal anchor by causing the public to expect low inflation that is stable by being unaffected by inflation and recession shocks.
Asia Rising: Why America Will Prosper as Asia’s Economies Boom
Politician Goes to War: The Civil War Letters of John White Geary
Live Now, Age Later: Proven Ways to Slow Down the Clock
Around the American Table: Treasured Recipes & Food Traditions from the American Cookery Collections of the New York Public Library
Share your knowledge of this product with other customers...
Be the first to write a review
Diane Publishing Co
PO Box 617
Darby, PA 19023-0617
Become an Affiliate
Send Us Feedback
Copyright ï¿½ 2004 Diane Publishing Company. All Rights Reserved.