Fed's Lacker on monetary policy tactics & strategy

In the speech 'Monetary policy tactics and strategy' given on 30 October Jeffrey Lacker of the Federal Reserve Bank of Richmond said the best way to gain such credibility is for the Fed to establish an "explicit numerical inflation target" - and then key monetary policy to that goal.

"Money is intrinsically useless," Lacker explained. "The current value of money is what people expect it to be in the future - and expected future inflation can cause future inflation."

Pointing to the Fed's new

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