A discussion of the pernicious effects of inflation on U.S. economic efficiency and a recommendation that the Federal Reserve should move toward its goal of price stability through an information program stating its goals, methods, and timetables for achieving zero inflation.

A discussion of recessions, caused by inflationary monetary policies as well as nonmonetary surprises, and a prescription for attaining maximum sustainable economic growth.

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...

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...