| Description |
1 online resource (41 pages) |
| Series |
IMF Working Papers; Working Paper, 1018-5941 ; No. 94/61 |
|
IMF Working Papers; Working Paper ; no. 94/61
|
| Summary |
This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business- cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor |
| Notes |
English |
|
Print version record |
| Subject |
Average Inflation.
|
|
Inflation Rate.
|
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Price Level.
|
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United Kingdom.
|
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United States.
|
| Form |
Electronic book
|
| Author |
Flood, Robert P
|
|
Mussa, Michael
|
| ISBN |
1451848102 |
|
9781451848106 |
|
1462339921 |
|
9781462339921 |
|
145524645X |
|
9781455246458 |
|
1281213675 |
|
9781281213679 |
|
1455274593 |
|
9781455274598 |
|
9786613777584 |
|
6613777587 |
| ISSN |
2227-8885 |
|
