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. …

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 …

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 …

the last few years has reduced U.S. inflation another notch, leaving two to three percentage points to go to achieve price … inflation in the near future, or even in sustaining gains already achieved, will be difficult to achieve, in part because of … analysis of recent inflation experience and an argument that we should consider the battle won when broad indexes of goods …

latter category includes the role of inflation and inflation expectations, and especially the gap between the two. The long …-term bond market seems to be pricing bonds under the assumption of average inflation over the long run of about 4 percent, but … most producers (both firms and employed individuals) see substantially less inflation in their immediate futures. Some …

invasion create the worst of all worlds from the viewpoint of economic policymakers - higher rates of inflation and sluggish … with little inflation. Whether or not a "recession" is ultimately declared to have occurred in 1990 is of little importance …

Recently members of the research staff of the Board of Governors have constructed a model of the inflation process that … of that inflation model and to examine a model of nominal income, real output and inflation that is implicit in the …