2,410 research outputs found
Defending zero inflation: all for naught
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 achieving this objective are worth the transition costs. The essay reviews some of the relevant academic literature on the economic effects of inflation and specifically addresses the issues of transition cost, fiscal dominance, and credibility.Inflation (Finance)
Some observations on central bank accountability
An analysis of the institutional design of the Federal Reserve System, stating that the central bank should be given a clear legislative mandate to achieve price-level stability and financial market efficiency, along with the independence and accountability necessary to realize these goals.Banks and banking, Central ; Federal Reserve System - Independence
Price stability and world economic recovery
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.Monetary policy ; Prices ; Banks and banking, Central
Price stability and regional diversity
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.Monetary policy - United States ; Regional economics
A monetary policy for the 1990's
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 stability the major goal of Federal Reserve monetary policy.Monetary policy ; Federal Open Market Committee
The case for price stability
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.Monetary policy ; Price regulation
A European system of central banks: observations from abroad
A proposal for establishing price stability as the sole objective of a European system of central banks.European currency unit ; Monetary policy
A critique of monetary protectionism
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.Foreign exchange - Law and legislation ; Monetary policy
The St. Joseph Convention: The Making of Florida’s First Constitution
After the convention had adjourned and most of the members had departed, one of the delegates remained over for a few days, and before leaving wrote the following letter to the editor of the St. Joseph Times. It was reprinted in the St. Augustine News of March 2. The writer’s identity will probably never be known, for he used a nom de plume, signing himself “Ruminator”. He wrote as follows
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