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Progress toward price stability: a report card for 1994

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  • George A. Kahn

Abstract

The Federal Reserve tightened monetary policy six times in 1994. The purpose of these policy moves was to encourage sustainable, noninflationary economic growth. Early actions were taken to move monetary policy toward a less accommodative stance than was followed in 1993. Later actions were taken \\"against the backdrop of continuing strength in the economic expansion and high levels of resource utilization.\\" These later actions were intended \\"to keep inflationary pressures contained, and thereby foster sustainable economic growth.\\" All of the actions were in keeping with the Federal Reserve's long-run goal of price stability, which is the key contribution the Federal Reserve can make toward maximizing long-run growth and living standards in the United States.> Kahn examines the behavior of inflation in 1994 in relation to the Federal Reserve's goal of achieving price stability over time. The article is the second in an annual series assessing the Federal Reserve's progress toward achieving price stability.

Suggested Citation

  • George A. Kahn, 1995. "Progress toward price stability: a report card for 1994," Economic Review, Federal Reserve Bank of Kansas City, vol. 80(Q I), pages 5-18.
    • Handle: RePEc:fip:fedker:y:1995:i:qi:p:5-18:n:v.80no.1
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    References listed on IDEAS

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    1. George A. Kahn, 1994. "Achieving price stability: a 1993 report card," Economic Review, Federal Reserve Bank of Kansas City, vol. 79(Q I), pages 5-18.
    2. Wynne, Mark A & Sigalla, Fiona D, 1996. "A Survey of Measurement Biases in Price Indexes," Journal of Economic Surveys, Wiley Blackwell, vol. 10(1), pages 55-89, March.
    3. Stanley Fischer, 1984. "The Benefits of Price Stability," Working papers 352, Massachusetts Institute of Technology (MIT), Department of Economics.
    4. David E. Lebow & John M. Roberts & David J. Stockton, 1992. "Economic performance under price stability," Working Paper Series / Economic Activity Section 125, Board of Governors of the Federal Reserve System (U.S.).
    5. George A. Kahn & Stuart E. Weiner, 1990. "Has the cost of disinflation declined?," Economic Review, Federal Reserve Bank of Kansas City, vol. 75(May), pages 5-24.
    6. Stuart E. Weiner, 1993. "New estimates of the natural rate of unemployment," Economic Review, Federal Reserve Bank of Kansas City, vol. 78(Q IV), pages 53-69.
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    Keywords

    Inflation (Finance); Prices;

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