Regular ArticleEfficient Monetary Policy Design near Price Stability
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We thank Chris Hanes, Fumio Hayashi, Stefan Gerlach, Rick Mishkin, Jim Morsink, Kiyohiko Nishimura, participants of the NBER/CEPR/TCER Conference on Monetary Policy in a Low Inflation Environment, Tokyo, December 16–17, 1999, and colleagues at the Federal Reserve, especially Dick Porter, for helpful discussions and comments. The opinions expressed are those of the authors and do not necessarily reflect views of the Board of Governors of the Federal Reserve System or its staff.