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To conclude: keep inflation low and, in principle, eliminate it

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  • Thomas C. Melzer
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    Abstract

    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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    File URL: http://research.stlouisfed.org/publications/review/97/11/9711tm.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of St. Louis in its journal Review.

    Volume (Year): (1997)
    Issue (Month): Nov ()
    Pages: 3-7

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    Handle: RePEc:fip:fedlrv:y:1997:i:nov:p:3-7

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    Keywords: Inflation (Finance) ; Monetary policy - United States ; Economic conditions - United States;

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    1. Kandel, Shmuel & Ofer, Aharon R & Sarig, Oded, 1996. " Real Interest Rates and Inflation: An Ex-Ante Empirical Analysis," Journal of Finance, American Finance Association, vol. 51(1), pages 205-25, March.
    2. John Y. Campbell & Robert J. Shiller, 1996. "A Scorecard for Indexed Government Debt," NBER Working Papers 5587, National Bureau of Economic Research, Inc.
    3. Francis X. Diebold & Glenn Rudebusch & Daniel Sichel, 1993. "Further Evidence on Business-Cycle Duration Dependence," NBER Chapters, in: Business Cycles, Indicators and Forecasting, pages 255-284 National Bureau of Economic Research, Inc.
    4. William G. Dewald, 1986. "Government Deficits in a Generalized Fisherian Credit Market: Theory with an Application to Indexing Interest Taxation (Déficits publics dans le contexte d'un marché du crédit décrit par u," IMF Staff Papers, Palgrave Macmillan, vol. 33(2), pages 243-275, June.
    5. Chan, Louis K C, 1994. "Consumption, Inflation Risk, and Real Interest Rates: An Empirical Analysis," The Journal of Business, University of Chicago Press, vol. 67(1), pages 69-96, January.
    6. Carl E. Walsh, 1996. "Accountability in practice: recent monetary policy in New Zealand," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue sep9.
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