How Should Central Banks Reduce Inflation?—Conceptual Issues
نویسنده
چکیده
It is tempting to give a very short answer to the title of the session—raise interest rates and reduce monetary growth. But when and by how much? That raises two questions which are central to the design of monetary policy. First, starting from an inflationary episode, how quickly should inflation be reduced to its desired level? Second, should monetary policy react to shocks to output as well as to inflation? The two questions are closely related, and are the subject of this paper.
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تاریخ انتشار 1996