He showed that optimal policy would stabilise wages and service prices, allowing the overall prices of goods and services to fall at a rate equal to the real rate of interest.

• 他提出，最优货币政策应该是在保持工资和服务业价格稳定的基础上，允许商品和服务的总体价格水平的增速下降到与实际利率相当的水平。