TY  - JOUR
AU  - Mishkin,Frederic S.
TI  - Strategies for Controlling Inflation
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 6122
PY  - 1998
Y2  - February 1998
UR  - http://www.nber.org/papers/w6122
L1  - http://www.nber.org/papers/w6122.pdf
N1  - Author contact info:
Frederic S. Mishkin
Columbia University
Graduate School of Business
Uris Hall 817
3022 Broadway
New York, NY 10027
Tel: 212-854-3488
Fax: 212/662-8474
E-Mail: fsm3@columbia.edu
AB  - 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.
ER  -