The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U.S. policymakers to implement policies necessary to maintain price stability. This paper describes how the Committee's policy views differed from those of most Federal Reserve...

Presentation to the Midwest Economic Education Conference, St. Louis - April 11, 2002

Presentation to the International Mass Retail Association (IMRA), Scottsdale, Ariz. - Jan. 21, 2002

Presentation to the Midwest Economic Education Conference, St. Louis - April 11, 2002

Presentation to the International Mass Retail Association (IMRA), Scottsdale, Ariz. - Jan. 21, 2002

Conventional wisdom holds that if policymakers are too focused on controlling inflation, then employment, output growth and financial stability will suffer. But the conventional wisdom is wrong, according to the data.

The low and stable inflation that the Fed has relentlessly pursued over the past decade or so has buoyed virtually all demographic groups, enabling most Americans to do a lot more than just keep their heads above water.

A monetary policy rule is nothing more than a systematic decision-making process that uses information in a consistent and predictable way. In this article, Federal Reserve Bank of St. Louis President, William Poole, critically examines past instances when policy failed to deliver price...