An assertion that central banks can promote long-term investment and stable economic growth only by guaranteeing price stability and that a coordinated global easing of monetary policies would damage central-bank credibility and jeopardize progress against inflation.

A discussion of the pernicious effects of inflation on U.S. economic efficiency and a recommendation that the Federal Reserve should move toward its goal of price stability through an information program stating its goals, methods, and timetables for achieving zero inflation.

A proposal for establishing price stability as the sole objective of a European system of central banks.

An argument against attempts to achieve current-account objectives through monetary manipulation of nominal exchange rates, with an explanation of why such tampering--which for various reasons might appear politically attractive--ultimately harms economic welfare.