NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Achieving Price Stability by Manipulating the Central Bank's Payment on Reserves

Robert E. Hall, Ricardo Reis

NBER Working Paper No. 22761
Issued in October 2016, Revised in July 2017

---- Acknowledgments ----

A previous version of this paper circulated in 2014 under the name “Controlling Inflation under New Style Central Banking.” Hall’s research was supported by the Hoover Institution, while Reis’s work was initially supported by a grant from INET and later by a grant from the ERC. This research is part of the National Bureau of Economic Research’s Economic Fluctuations and Growth, and Monetary Economics Programs. We are grateful to Andy Atkeson, Marco Del Negro, Isabel Horta Correia, Narayana Kocherlakota, Monika Piazzesi, and Michael Woodford for helpful comments, and to Andrea Alati and Laura Castillo-Martinez for research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Robert E. Hall ----

Hall attends conferences and meetings at the Federal Reserve Board and regional Federal Reserve Banks, at the European Central Bank, and at the central banks of other countries, including the United Kingdom, Portugal, Chile, and Canada. In some cases, he receives honorariums for his participation. His wife, Susan Woodward, has similar relations with the Federal Reserve System. Hall's research is supported by Stanford's Hoover Institution.

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