... inflation and output determination. If the commitments ofpolicymakers regarding the rule by which interest rates will be set on the one hand, and the rule which total private-sector claims on the ... assets by the central bank from either interest-rate policy on the one hand and from fiscal policy on the other, it is important to note that someone who recommendsmonetary expansion by the central ... allowed to grow on the other, are fully credible, then it is only the choice of those commitments that matters. Otheraspects of policy should matter in practice, then, only insofar as they help to...