This paper looks at the issue of
inflation control as an
objective of central banks. Viewing the British Commonwealth and
Continental European models of 'zero
inflation' in contrast with the moderate inflation policy of the US provides a case against zero inflation as a policy
objective. A variety of issues that surround inflation; e.g., the inflation/unemployment relationship, etc, will be brought to the fore. In the final analysis, it is clear that efforts to eradicate inflation are misguided and more moderate inflation is preferable in an era where steady economic growth is desirable.