An explanation of why, in the face of a booming economy, low unemployment, and scant inflation pressures, the Federal Reserve must continue its campaign to achieve price stability.

The primary objective of most of the world's central banks these days is to keep inflation low, and the range of inflation rates banks find acceptable appears to be around 2.5 to 3.5 percent. While banks may have hit on this range through trial and error, economic theory and empirical...

An argument that adopting specific inflation targets as a way of achieving price stability would enhance the United States' economic performance.