The Federal Reserve Board’s P-Star inflation forecasting model predicts changes in inflation from the gap between actual and equilibrium prices. The model has a distinguished history. Quantity theorists from David Hume to Milton Friedman have long used versions of it to explain how money stock...

The policy models of Irving Fisher and Knut Wicksell posit rules by which central banks can stabilize general prices at a fixed target level over time. Wicksell’s model, however, requires some adjustment before it can deliver price stability.

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An abstract for this article is not available.

An abstract for this article is not available.

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Originally appeared in the Federal Reserve Bank of Richmond, Economic Review, July/August 1976

Originally appeared in the Federal Reserve Bank of Richmond Economic Review, Jan/Feb 1978

Originally appeared in the Federal Reserve Bank of Richmond, Economic Review, May/June 1977