An examination of the detrimental effects of inflation and a recommendation that policymakers should immediately resist a further acceleration of inflation, rather than wait for more signals of its future course.

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.

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