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es employment contracts pension benefits and government entitlements such as social security are tied to a cost of living index typically to the consumer price index 146 a cost of living adjustment cola adjusts salaries based on changes in a cost of living index 147 it does not control inflation but rather seeks to mitigate the consequences of inflation for those on fixed incomes salaries are typically adjusted annually in low inflation economies during hyperinflation they are adjusted more often 146 they may also be tied to a cost of living index that varies by geographic location if the employee moves annual escalation clauses in employment contracts can specify retroactive or future percentage increases in worker pay which are not tied to any index these negotiated increases in pay are colloquially referred to as cost of living adjustments colas or cost of living increases because of their similarity to increases tied to externally determined indexes control of inflation edit monetary policy is the policy enacted by the monetary authorities most frequently the central bank of a nation to accomplish their objectives 148 among these keeping inflation at a low and stable level is often a prominent objective either directly via inflation targeting or indirectly e g via a fixed exchange rate against a low inflation currency area historical approaches to inflation control edit historically central banks and governments have followed various policies to achieve low inflation employing various nominal anchors before world war i the gold standard was prevalent but was eventually found to be detrimental to economic stability and employment not least during the great depression in the 1930s 149 for the first decades after world war ii the bretton woods system initiated a fixed exchange rate system for most developed countries tying their currencies to the us dollar which again was directly convertible to gold 150 the system disintegrated in the 1970s however after which the major currencies started floating against each other 151 during the 1970s many central banks turned to a money supply target recommended by milton friedman and other monetarists aiming for a stable growth rate of money to control inflation however it was found to be impractical because of the unstable relationship between monetary aggregates and other macroeconomic variables and was eventually abandoned by all major economies 149 in 1990 new zealand as the first country ever adopted an official inflation target as the basis of its monetary policy continually adjusting interest rates to steer the country s inflation rate towards its official target the strategy was generally considered to work well and central banks in most developed countries have over the years adapted a similar strategy 152 as of 2023 the central banks of all g7 member countries can be said to follow an inflation target including the european central bank and the federal reserve who have adopted the main elements of inflation targeting without officially calling themselves inflation targeters 152 in emerging countries fixed exchange rate regimes are still the most common monetary policy 153 fixed exchange rates edit main article fixed exchange rate system under a fixed exchange rate currency regime a country s currency is tied in value to another single currency or to a basket of other currencies a fixed exchange rate is usually used to stabilize the value of a currency vis a vis the currency it is pegged to it can also be used as a means to control inflation if the currency area tied to itself maintains low and stable inflation however as the value of the reference currency rises and falls so does the currency pegged to it this essentially means that the inflation rate in the fixed exchange rate country is determined by the inflation rate of the country the currency is pegged to in addition a fixed exchange rate prevents a government from using domestic monetary policy to achieve macroeconomic stability 154 as of 2023 denmark is the only oecd country which maintains a fixed exchange rate against the euro but it is frequently used as a monetary policy strategy in developing countries 153 gold standard edit main article gold standard two 20 krona gold coins from the scandinavian monetary union a historical example of an international gold standard the gold standard is a monetary system in which a region s common medium of exchange is paper notes or other monetary token that are normally freely convertible into pre set fixed quantities of gold the standard specifies how the gold backing would be implemented including the amount of specie per currency unit the currency itself has no innate value but is accepted by traders because it can be redeemed for the equivalent value of the commodity specie a u s silver certificate for example could be redeemed for an actual piece of silver under a gold standard the long term rate of inflation or deflation would be determined by the growth rate of the supply of gold relative to total output 155 critics argue that this will cause arbitrary fluctuations in the inflation rate and that monetary policy would essentially be determined by an intersection of however much new gold was produced by mining and changing demand for gold for practical uses 156 157 the gold standard was historically found to make it more difficult to stabilize employment levels and avoid recessions and was eventually abandoned everywhere 149 158 demurrage currency edit freiwirtschaft economists theorize that demurrage currency could eliminate both inflation and deflation there tends to be some interest cost that is built into the goods and services that consumers tend to purchase 159 4 so if demurrage currency eliminates interest rates then prices are less likely to increase demurrage would also naturally cause the money supply to decrease thus causing deflation if a central bank issues and monitors demurrage currency as gesell originally proposed then it could replace all the money that disappears due to demurrage by printing money at a similar rate 160 the money printing could create just enough inflation to cancel out the natural deflation of demurrage thus achieving an inflation target of 0 161 inflation targeting edit main article inflation targeting from its first inception in new zealand in 1990 direct inflation targeting as a monetary policy strategy has spread to become prevalent among developed countries the basic idea is that the central bank perpetually adjusts the bank rate to influence the country s inflation rate towards its official target changes in interest rates affect aggregate demand aggregate supply and inflation in various ways also called the monetary transmission mechanism 162 the relation between unemployment and inflation is known as the phillips curve in most oecd countries the inflation target is about 2 163 citizens show generally a high aversion to inflation 164 on average voters prefer an inflation rate around 0 165 government policy edit the government can prevent inflation with public policy fiscal policy and regulatory changes which increase supply or reduce demand in targeted sectors 166 another method attempted in the past have been price controls economists generally advise against the imposition of price controls due to resulting shortages 167 168 169 price controls with rationing have been used successfully in wartime environments however their use in other contexts is far more mixed notable failures of their use include the 1972 imposition of wage and price controls by richard nixon the reduction of sales tax or value added tax can reduce the prices in a competitive market 170 see also edit artificial scarcity core inflation cost of living cumulative process fisher equation food prices hyperinflation indexed unit of account inflationism inflation accounting inflation beta inflation derivative inflation hedge headline inflation measuring economic worth over time 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