Inflation & Monetary Policy

We examine the causes and consequences of inflation and the monetary policy levers available to central bankers. Recent papers have looked at the structural relationship between inflation and real economic activity, rules-based approaches to monetary policy, and the importance of credibility to maintaining price stability.

To learn why monetary policymakers place so much importance on maintaining stable prices, read the Richmond Fed's essay on price stability and monetary policy in the "Our Perspective" series.

First Quarter 2010

Inside-Money Theory after Diamond and Dybvig

Ricardo de O. Cavalcanti

First Quarter 2010


Edward J. Green

First Quarter 2010

Monetary Theory and Electronic Money: Reflections on the Kenyan Experience

William Jack, Tavneet Suri and Robert Townsend

Fall 2008

Policy Implications of the New Keynesian Phillips Curve

Stephanie Schmitt-Grohé and Martín Uribe

Summer 2007

A Taylor Rule and the Greenspan Era

Yash P. Mehra and Brian D. Minton

Summer 2003

Japanese Monetary Policy and Deflation

Read our Summer 2003 article on Japan's efforts to combat deflation.

Fall 2000

Is Money Useful in the Conduct of Monetary Policy?

Lawrence Santucci, Michael Dotsey and Carl D. Lantz

Fall 1996

Central Banking in a Democracy

Alan S. Blinder

Fall 1994

Medical Care Price Indexes

Robert F. Graboyes

May/Jun, 1986

The Discount Window

David L. Mengle

Nov/Dec, 1983

Response to Friedman

Edward K. Offenbacher and Richard D. Porter

Jul/Aug, 1980

Current Issues in Monetary Control

William Poole

May/Jun, 1980

Bank Profits and Inflation

Henry C. Wallich

Sep/Oct, 1975

The Strategy of Monetary Policy

Raymond E. Lombra and Raymond G. Torto

Sep/Oct, 1974

Factors Behind Rising Food Costs

Sada L. Clarke

May/Jun , 1974

Letter on Monetary Policy

Milton Friedman

April 2017, No. 17-06

A Tractable Model of Monetary Exchange with Ex-Post Heterogeneity

Guillaume Rocheteau, Pierre-Olivier Weill and Russell Wong

October 2014, No. 14-17

Price Dynamics with Customer Markets

Luigi Paciello, Andrea Pozzi and Nicholas Trachter

April 2014, No. 14-10

Drifts, Volatilities, and Impulse Responses Over the Last Century

Pooyan Amir-Ahmadi, Christian Matthes and Mu-Chun Wang

March 2014, No. 14-07

Optimized Taylor Rules for Disinflation When Agents are Learning

Timothy Cogley, Christian Matthes and Argia M. Sbordone

October 2013, No. 13-17

State Dependent Monetary Policy

Nicholas Trachter, Francesco Lippi and Stefania Ragni

November 2011, No. 11-08

Deep Habits in the New Keynesian Phillips Curve

Thomas A. Lubik and Wing Leong Teo

October 2000, No. 00-10

Optimal Monetary Policy

February 1990, No. 90-1

Interest Rate Rules and Nominal Determinacy

John H. Boyd, III and Michael Dotsey

September 1984, No. 84-5

Fisher, Thornton and the Analysis of the Inflation Premium

William Beranek, Thomas M. Humphrey and Richard H. Timberlake, Jr.

January 1978, No. 78-1

Federal Reserve Policy Strategy and Interest Rate Seasonality

Thomas A. Lawler

July 2014, No. 14-07

Should the Fed Do Emergency Lending?

Renee Haltom and Jeffrey M. Lacker

September 2013, No. 13-09

Is Fiscal Austerity Good for the Economy?

Renee Haltom and Thomas A. Lubik

May 2013, No. 13-05

Does Money Still Matter for Monetary Policy?

Renee Haltom

July 2011, No. 11-07

Monetary Policy with Unknown Natural Rates

Thomas A. Lubik and Jessie Romero

January 2010, No. 10-01

Is the Output Gap a Faulty Gauge for Monetary Policy?

Thomas A. Lubik and Stephen Slivinski

December 2009, No. 09-12

The Effect of Interest on Reserves on Monetary Policy

John R. Walter and Renee Haltom

October 2008, No. 08-01

Inflation Expectations: Their Sources and Effects

Yash P. Mehra and Devin Reilly

Contact Us

Research Department
(804) 697-8000