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Strategies for Controlling Inflation

In: Monetary Policy and Inflation Targeting

Author

Listed:
  • Frederic S Mishkin

    (Federal Reserve Bank of New York)

Abstract
This paper examines what strategies policymakers have used to both reduce and control inflation. It first outlines why a consensus has emerged that inflation needs to be controlled. Then it examines four basic strategies: exchange rate pegging, monetary targeting, inflation targeting, and the just do it' strategy of preemptive monetary policy with no explicit nominal anchor. The discussion highlights the advantages and disadvantages of each strategy and sheds light not only on how disinflation might best be achieved, but also on how hard won gains in lowering inflation can be locked in.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Frederic S Mishkin, 1997. "Strategies for Controlling Inflation," RBA Annual Conference Volume (Discontinued), in: Philip Lowe (ed.),Monetary Policy and Inflation Targeting, Reserve Bank of Australia.
    • Handle: RePEc:rba:rbaacv:acv1997-02
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    File URL: https://www.rba.gov.au/publications/confs/1997/pdf/mishkin.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    price stability; exchange rate pegging; inflation targeting; monetary targeting;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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