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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.
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