Skip to:
  1. Main navigation
  2. Main content
  3. Footer
Working Paper

Zero Inflation: Transition Costs and Shoe-Leather Benefits

Download pdf
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.
10.01.1991WP 91-13DOI 10.26509/frbc-wp-199113
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