Fed's Poole: Monetary Policymaker's Perspective

In a speech on 'A Monetary Policymaker's Perspective' given on 21 November, William Poole of the Federal Reserve Bank of St. Louis said a theme running through the Monetary History is role of inflation in the business cycle. The Federal Reserve has finally been successful, at least for the moment, in stabilizing the price level. Depending on your view as to the bias in price indexes, the rate of inflation today is zero or only slightly above zero. The Friedman-Schwartz work demonstrates that

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