How Do Central Banks Control Inflation?

17 Pages Posted: 5 Dec 2012

See all articles by Robert L. Hetzel

Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: 2004

Abstract

An intellectual consensus over how central banks control inflation has not accompanied the broad public consensus that central banks should control inflation. Because of their monopoly over monetary base creation, there has long been a tradition associating the control of inflation with the control of money creation. This paper provides a monetary control characterization of Federal Reserve monetary policy procedures.

Suggested Citation

Hetzel, Robert L., How Do Central Banks Control Inflation? (2004). FRB Richmond Economic Quarterly, vol. 90, no. 3, Summer 2004, pp. 47-63, Available at SSRN: https://ssrn.com/abstract=2184982

Robert L. Hetzel (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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