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.

Address before AAIM Management Association, St. Louis, Mo., Feb. 20, 2004

Presentation to the AAIM Management Association, St. Louis, Mo. May 11, 2005

Panel discussion for the Federal Reserve Board/Journal of Money, Credit, and Banking (JMCB) conference on "Financial Markets and Monetary Policy", Washington D.C. , June 5, 2009