A discussion of the relationship between monetary and fiscal policy, concluding that sound policy, be it monetary or fiscal, should have clear objectives, verifiable outcomes, and rules that are consistently followed.

A discussion of the uncertainty surrounding economic policy issues in 1988, with emphasis on the need for policymakers to focus on long-term objectives.

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 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 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.

A discussion of the problems associated with redressing global trade imbalances and why a monetary policy committed to international price stability is necessary in order to reform our international accounts and foster a healthy economic environment.