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Stable Inflation (Cochrane)

Michelson-Morley, Occam and Fisher: The radical implications of stable inflation at near-zero interest rates by John H. Cochrane (12/2016) indicated by Pedro Jucá Maciel. “The long period of quiet inflation at near-zero interest rates, with large quantitative easing, suggests that core monetary doctrines are wrong. It suggests that inflation can be stable and determinate under a nominal interest rate peg, and that arbitrary amounts of interest-paying reserves are not inflationary…”

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