Remarks before the Australian Business Economists, Sydney, Australia, November 14, 2007. ; Our job has been made more complicated by globalization--the freer flow of goods, services, money, ideas and people across national borders. Its present incarnation owes a great deal to the revolution in...

The FOMC has two objectives: maximizing sustainable economic growth and maintaining price stability. At times-like the past year-these goals appear to be in conflict. This Commentary outlines some economic theory that suggests that in the long run, the FOMC can achieve its two objectives by...

A review of the theoretical and empirical case for disinflationary economic growth, showing that, contrary to popular wisdom, it is quite possible to have a booming economy without an acceleration in the price level.

The popular new economy theory argues that the U.S. economy can now grow at rates much greater than in the past without igniting higher levels of price inflation. At the core of the new economy paradigm is the belief that the U.S. Economy experienced an innovation in the 1990s that raised its...

A summation of the outlook of 30 economists at the October 20, 1989 meeting of the Fourth District Economists' Roundtable, with major emphasis on the inflation outlook, GNP growth, and capital spending.