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Price Stability as an Objective of Monetary Policy
Price Stability and the Framework for Monetary Policy Conduct
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Asset Price Bank of Japan bubble period central bank classical dichotomy constrained discretion Consumer Price Index costs of inflation CPI inflation rate definition of price deflation desirable rate disinflation downward rigidity Economic Studies effects empirical estimation results evaluate Figure GDP gap Hiroshi Fujiki hyperinflation inflation sample inflation targeting Institute for Monetary interest rate elasticity Japanese long run low inflation macroeconomic Market measured inflation measured price stability menu cost Monetary and Economic monetary policy monetary policy rules money demand function nominal interest rates nominal short-term interest Number Okina output stability percent Phillips curve policy frontier post-WWII sample price development price level rate of inflation regard relative price fluctuations relative price variability resource allocation Risk root mean squared sample period Shigenori Shiratsuka Shiratsuka 1997 shoe leather short-term interest rate sustainable economic growth sustainable price stability Taylor rule Tokiko Shimizu underlying inflation trend upward bias viewpoint views on price Welfare Cost Zero Interest Rate