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.

A proposition that detailed global coordination of macroeconomic policies could have negative effects on real economic growth and efficiency, and that the integrity of private markets would be better assured through the maintenance of long-term nominal policy targets.

An argument that the Federal Reserve could improve the performance of the economy by committing to the long-term goal of price stability and by announcing a time frame within which to achieve it. The author explains his support of House Joint Resolution 409, which would mandate making price...

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

A discussion of the problems associated with redressing global trade imbalances and why a monetary policy committed to international price stability is necessary in order to reform our international accounts and foster a healthy economic environment.

An argument against using short-term monetary policy to alleviate regional economic shocks and an analysis of how regional economic diversity lends strength to the goal of price stability as the Federal Reserve System's sole monetary policy focus.

A discussion of European economic integration, noting that monetary union is of secondary importance to free markets in pushing Europe toward its economic potential.

The testimony of Cleveland Federal Reserve Bank President W. Lee Hoskins before the U.S. House of Representatives' Subcommittee on Domestic Monetary Policy, supporting House Joint Resolution 409, which would establish achievement of price stability as the primary policy goal of the central bank.

An opinion by Cleveland Federal Reserve Bank President W. Lee Hoskins that shrinking the federal safety net, including the payments system, must be a precondition of financial reform in the United States.

A discussion of the relationship between monetary and fiscal policy, concluding that sound policy, be it monetary or fiscal, should have clear objectives, verifiable outcomes, and rules that are consistently followed.