At our first meeting, ten years ago, we offered a medium-term strategy for ending inflation and restoring productive … growth to its long-term average. The rate of inflation for the previous three years was, then, about 5 1/2%. The average rate … disciplined, medium-term strategy to end inflation, inflation would rise and economic instability and unemployment would increase …

the past ten years to generate a pattern of world wide inflation. The experiences made since our first meeting in … peace inflation observed in the U.S.A., followed by a substantial downswing in economic activity in 1974/75. …

inflation. The Committee's concern was motivated by the repeated failures of our policymaking in 1967,1970 and again in 1972 … unleashed a new wave of inflation. From an inflation level below 4% p.a. in the spring of 1972 price movements accelerated to a … repeated for the fourth time in 1976/77. Inflation had been lowered to 4.5% p.a. in the second half of 1976 as a result of the …

future welfare (real income per capita) but offered otherwise no relevant specific action designed to lower inflation or to … concerning the nature of the inflation problem. The program submitted to the public's attention offered in particular no useful … major component in a program addressed to lower the rate of inflation. …

Adopting a restrictive policy to reduce inflation and being willing to stick with it even in a long and deep recession … is not evidence that it will be successful. The test of whether a long-run anti-inflation policy will be maintained does …

low rate of personal saving are overstated...An unanticipated rise in inflation and inflationary expectations, however … appropriately to keep inflation low and maintain its inflation-fighting credibility. …

permanent inflation, initiated by a "liberal" Administration under President Johnson, was continued under three "conservative … Reagan was elected on his promise to cope with inflation and the increasing burden of government. We may reasonably believe … actually died, after some successes, already last year. There occurred one outstanding success. The reduction of inflation from …

strong growth in the current quarter as well. Though the inflation rate has bottomed out, it does not yet show any major … reacceleration. With unemployment declining in line with rapid output growth, the sum of the unemployment and inflation rates -- the … allowed their stimulus to become excessive, causing inflation to accelerate and ultimately creating the need for another round …

, inflation remains moderate, monetary policy is close to neutrality, and the Federal Reserve's heightened inflation …. Inflation is expected to remain flat in the second half of 1996 and recede modestly in 1997. Reflecting these …