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Working Paper

Zero Inflation: Transition Costs and Shoe-Leather Benefits

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A comparison showing that the transition costs of indexing inflation (a major obstacle to monetary policy reform) are approximately equal to the minor shoe-leather benefits of having price stability.
10.01.1991ISSN 2573-7953 WP 91-13DOI 10.26509/frbc-wp-199113

Working Papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views expressed in this paper are those of the authors and do not represent the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.

Suggested Citation

Carlstrom, Charles T., and William T. Gavin. 1991. “Zero Inflation: Transition Costs and Shoe-Leather Benefits.” Federal Reserve Bank of Cleveland, Working Paper No. 91-13. https://doi.org/10.26509/frbc-wp-199113