01844cas a2200253 a 4500 AALejournalIMF004390 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451848106 1018-5941 BD-DhAAL BD-DhAAL Mussa, Michael. Issues Concerning Nominal Anchors for Monetary Policy / Michael Mussa, Robert Flood. Washington, D.C. : International Monetary Fund, 1994. 1 online resource (41 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business- cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor. Mode of access: Internet Flood, Robert. IMF Working Papers; Working Paper ; No. 1994/061 Full text available on IMF http://elibrary.imf.org/view/journals/001/1994/061/001.1994.issue-061-en.xml IMF e-Library