1. 2. See, for example, G. Selgin (1997 ) 'Less than Zero - The Case for a Falling Price Level in a Growing Economy,' IEA Hobart Paper No. 132.
2. 3. SeeA. Lilico, W. T. Gavin, and L. E. O. Svensson (2000 ) 'Price-level Targeting - The Next Monetary Policy Objective?' Economic Affairs20 , 2 , June; (2000 ) 'Price-level Targeting - The Next Monetary Policy Objective?' , CMRE discussion paper, October; and (2000 ) 'Price-level Targeting - The Next Monetary Policy Objective?' Journal of Monetary Economics, 20 , pp.277 -295 .
3. 4. For example, seeF. Mishkin (2000 ) 'What Does Price Stability Mean? Price-level or Inflation Target?' ECB conference, November.
4. 5. For more on the liquidity trap, seeA. S. Blinder, and A. Lilico (1999 ) 'Monetary Policy at the Zero Lower Bound: Balancing the Risks,' Federal Reserve Bank of Boston Conference, October; and (1999 ) 'Monetary Policy at the Zero Lower Bound: Balancing the Risks,' Economic Affairs, 22 , 2 , June.