A response by the Federal Reserve Bank of Cleveland president to critics of his continuing advocacy of zero inflation as the overriding objective of monetary policy.

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.

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.

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