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.

A discussion of the serious banking problems created by the conflict between market forces and regulation, featuring comments on regulation, deposit insurance, and objectives for financial reform.

A perspective on regulatory reform of the financial industry, focusing on the need to revamp the deposit-insurance system and recommending greater reliance on market forces, less reliance on the regulatory apparatus, and the retention of the current framework of multiple regulatory agencies.

An analysis of the institutional design of the Federal Reserve System, stating that the central bank should be given a clear legislative mandate to achieve price-level stability and financial market efficiency, along with the independence and accountability necessary to realize these goals.

An assertion that central banks can promote long-term investment and stable economic growth only by guaranteeing price stability and that a coordinated global easing of monetary policies would damage central-bank credibility and jeopardize progress against inflation.

A proposal for establishing price stability as the sole objective of a European system of central banks.

An argument against attempts to achieve current-account objectives through monetary manipulation of nominal exchange rates, with an explanation of why such tampering--which for various reasons might appear politically attractive--ultimately harms economic welfare.

A proposition that detailed global coordination of macroeconomic policies could have negative effects on real economic growth and efficiency, and that the integrity of private markets would be better assured through the maintenance of long-term nominal policy targets.

An argument that the Federal Reserve could improve the performance of the economy by committing to the long-term goal of price stability and by announcing a time frame within which to achieve it. The author explains his support of House Joint Resolution 409, which would mandate making price...

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