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Unemployment Costs of Inflation Targeting.

  • Economics
  • Political Science


In the view of a prominent monetary theorist and policy maker, there is a rising acceptance within the economics profession and in central bank and government circles of the need for an independent central bank. This view is founded upon a growing body of empirical evidence, recent theoretical developments in monetary theory and what the author desigantes as the "temper of the times'. In this paper we examine these three foundations.

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