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

A discussion of Americans' skepticism about the government's ability to keep inflation in check, emphasizing the real economic costs of this attitude entails and the ways in which Congress, the Federal Reserve, and the White House can help.

An argument that the central bank should adopt a policy of price stability based on an explicit objective for the Consumer Price Index, which the Cleveland Fed President believes would provide a nominal anchor for the dollar as well as a clear standard by which to measure the success of monetary...

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.

An examination of how to assess the inflationary effects of current monetary policy, reviewing the behavior of a selected measure of core inflation over the past decade and contrasting this pattern with the inflation expectations of both households and professional forecasters, concluding 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.