Economists and policymakers disagree on the lengths central banks should go in pursuit of price stability and, in fact, on exactly what price stability means. This essay advocates that central banks try to maintain stable price levels in their countries, and it argues that the benefits of...

A response by the Federal Reserve Bank of Cleveland president to critics of his continuing advocacy of zero inflation as the overriding objective of monetary policy.

A discussion of recessions, caused by inflationary monetary policies as well as nonmonetary surprises, and a prescription for attaining maximum sustainable economic growth.

Originally appeared in the Federal Reserve Bank of Philadelphia Business Review, February 1970, p. 23-30