Papadimitriou, Dimitri B.; Wray, L. Randall - 1996
The targets for monetary policy adopted by the Fed in recent years have not proven to be closely correlated with …), as both the target and the goal of monetary policy. The authors of this brief show that such a choice is not wise because … the CPI does not accurately reflect market-caused price increases and is not under the control of monetary policy. Their …