An overview of monetary policy developments in 1993, discussed in the context of the longer-term objective of price stability.

An examination of monetary policy actions before and after 1982, illustrating that prompt federal funds rate increases aimed at maintaining a low inflation environment are associated with subsequent robust economic growth, not with weak growth, as is commonly thought.

Careful readers of FOMC communications will note that in addition to talking about actual inflation, the committee often talks about inflation expectations. Sandra Pianalto, the president and chief executive officer of the Federal Reserve Bank of Cleveland, explains the important role that...

An explanation of P-Star, evaluating its usefulness both as an indicator of potential inflation and as a method of assessing the Federal Reserve's long-term goal of price stability.

Central banks have done a very impressive job of achieving low and stable rates of inflation in recent years. But despite past successes, they must always be ready to deal with new challenges that might arise. Sandra Pianalto, president and CEO of the Federal Reserve Bank of Cleveland, discusses...