The control of inflation: A suggested policy

Much of the debate over the relative merits of Keynesian or Monetarist approaches to inflation policy is based on the presumption that the individual policy-maker's model of the economy is correct. It is argued here that this is an undesirable assumption, given that there is no concensus as to which of the models more accurately describes ‘reality’. The paper attempts to take this problem into account by suggesting a policy for the control of inflation which does not rely on the assumption that a specifically Keynesian, or Monetarist, model is the appropriate one.