An argument that a monetary policy aimed at eliminating long-run inflation would benefit society by removing price distortion, increasing economic growth, adding liquidity to the economy, and reducing uncertainty associated with price-level drift.

An analysis of how a rule for monetary policy specifying a stable price level may dominate a rule for zero inflation with price-level drift, even in the case where, for purely economic reasons, an inflation rule is preferred.

An argument that the Federal Reserve, by targeting a long-run path for the price level, could achieve its price-stability objective without inhibiting its short-term goals.