The U.S. economy performed well across the board in 1997, with low unemployment, robust economic growth, and the lowest sustained inflation in decades. Nevertheless, the current framework for monetary policymaking does not ensure that inflation is down for the count, says Federal Reserve Bank of St. Louis president Thomas C. Melzer in a speech reprinted here. In this speech, Melzer argues that the Federal Reserve ought to secure the best environment for economic growth by adopting multi-year inflation targets to reduce the trend rate of inflation and keep inflation low.
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Article provided by Federal Reserve Bank of St. Louis in its journal Review.
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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[Downloadable!]
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