Remarks at the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York City.

A speech at the Global Interdependence Center (GIC) Abroad in Chile Conference, Universidad Adolfo Ibanez, Santiago, Chile, March 5, 2007

Remarks at the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York City.

A speech at the Global Interdependence Center (GIC) Abroad in Chile Conference, Universidad Adolfo Ibanez, Santiago, Chile, March 5, 2007

It is now generally accepted that the primary objective of central banks should be the maintenance of price stability. This paper considers the question of how central banks should define price stability. I address three specific questions. First, should central banks target broad or narrow...