Richmond Fed's Economic Quarterly, Spring 2005

The Federal Reserve Bank of Richmond has published its Economic Quarterly for Spring 2005. The latest issue includes the article 'What difference would an inflation target make?'

"Critics of an explicit inflation target argue that it would require additional fluctuations in real output and unemployment. I argue that theory and practice have shown this alleged dilemma to be a false one. However, an inflation target would demand more communication. The Fed would need to place an inflation target in

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