Low Inflation or No Inflation: Should the Federal Reserve Pursue Complete Price Stability?
Brookings Institution. In addition, GEORGE AKERLOF is Professor of Economics at University of California, Berkeley; WILLIAM DICKENS is a Research Associate at the National Bureau of Economic Research; and GEORGE PERRY is Editor of the Brookings Papers. 1992 consumer price inflation has not been higher than 3 percent a year a lower rate than at any time since the mid-1960s. In fact, worries about price increases apparently have fallen completely off the public's radar screen. In a recent poll, only 1 percent of respondents listed inflation or the cost of living as one of the most important problems facing the country today. But inflation is still on the screen