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|z 9781451848106
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|a 1018-5941
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|a Mussa, Michael.
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|a Issues Concerning Nominal Anchors for Monetary Policy /
|c Michael Mussa, Robert Flood.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1994.
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|a 1 online resource (41 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a Flood, Robert.
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|a IMF Working Papers; Working Paper ;
|v No. 1994/061
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1994/061/001.1994.issue-061-en.xml
|z IMF e-Library
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