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

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  • Thomas C. Melzer

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.

Suggested Citation

  • Thomas C. Melzer, 1997. "To conclude: keep inflation low and, in principle, eliminate it," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 3-7.
  • Handle: RePEc:fip:fedlrv:y:1997:i:nov:p:3-7
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    References listed on IDEAS

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    1. Carl E. Walsh, 1996. "Accountability in practice: recent monetary policy in New Zealand," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue sep9.
    2. John Y. Campbell & Robert J. Shiller, 1996. "A Scorecard for Indexed Government Debt," NBER Chapters,in: NBER Macroeconomics Annual 1996, Volume 11, pages 155-208 National Bureau of Economic Research, Inc.
    3. 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.
    4. 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.
    5. 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 205-225, March.
    6. 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 un modèl," IMF Staff Papers, Palgrave Macmillan, vol. 33(2), pages 243-275, June.
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