Strategies for Controlling Inflation

49 Pages Posted: 1 Jul 2000 Last revised: 6 Oct 2010

See all articles by Frederic S. Mishkin

Frederic S. Mishkin

Columbia Business School - Finance and Economics; National Bureau of Economic Research (NBER)

Date Written: February 1998


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.

Suggested Citation

Mishkin, Frederic S., Strategies for Controlling Inflation (February 1998). NBER Working Paper No. w6122, Available at SSRN:

Frederic S. Mishkin (Contact Author)

Columbia Business School - Finance and Economics ( email )

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