Nominal anchors for monetary policy: a doctrinal analysis
Keywords:Monetary policy, nominal anchors, price-level stabilisation
Volatility of the general price level has long been an issue of concern and debate in economics and government policies. Periods of price-level instability have stimulated proposals for monetary reform aimed either at price-level stabilisation or mitigating the adverse effects of price-level instability. The nominal anchor issue refers to the orientation of monetary policy towards the goal of providing a stable price level.
JEL Codes: E52
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