Zero Inflation: Transition Costs and Shoe-Leather Benefits

Carlstrom, Charles T.; Gavin, William T.

doi:10.26509/frbc-wp-199113

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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.

10.01.1991WP 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

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