aggregate price level and to demonstrate econometrically its equivalence to the exogeneity of relative prices with respect to … role for supply-side disturbances in explaining comovements in aggregate and relative prices. …

inflation expectations were well above zero. Yet in 1998, consumer prices rose at the lowest rate in over a decade, and any … observers point to large decreases in petroleum prices and other primary commodity prices, rapidly falling computer prices, and … moderate declines in U.S. nonoil import prices as possible signs of deflation.> Garner argues that last year's favorable …

with price stability. Because stable prices are essential to maximum long-term economic growth and living standards, the …