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Journal Article
In support of price stability
Testimony by the President of the Federal Reserve Bank of Richmond in support of House Joint Resolution 409. That bill, sponsored by Rep. Stephen Neal (D-NC) would require the Federal Reserve to achieve zero inflation within five years of passage.
Journal Article
Reflections on deposit insurance
A crucial public policy issue is the need for reform of the nations deposit insurance system. This article discusses the role of deposit insurance and outlines some proposals for reform.
Journal Article
A goal of zero inflation
Journal Article
Reflections on the strategy of monetary policy
The President of the Richmond Fed argues that: [1] price stability ought to be the overriding goal of monetary policy; [2] procedures for controlling the money supply need to be improved; and [3] monetary policy must be prepared to respond promptly to inflationary pressures.
Journal Article
Statement to Congress, February 6, 1990 (price stability)
Journal Article
Monetary policy - the possible and the impossible
An abstract for this article is not available.
Journal Article
Reflections on the October 6, 1979, meeting of the FOMC
Journal Article
The Fed's anti-inflationary strategy: is it adequate?
Inflation remains a potential longer-run threat to the health of the economy despite the progress made in reducing the inflation rate in recent years. The Fed must have a credible strategy in place to meet this threat. As Richmond Fed president Robert P. Black notes in this speech to business economists, a strategy centered around targeting monetary aggregates may still be the best approach over time, even after account is taken of the technical problems encountered in using aggregates as targets in the 1980s. Black argues that the substitution of a rule for the present discretionary approach ...
Journal Article
The Fed's mandate : help or hindrance?
The Federal Reserve System is faced with a myriad of objectives in the area of monetary policy: some people believe the Fed should use monetary policy to keep interest rates low, other think the primary goal should be to increase business activity and decrease unemployment, and still others feel the Feds proper role is to promote price stability. In his speech, The Feds Mandate: Help or Hindrance?, Federal Reserve Bank of Richmond President Robert P. Black argues that this multitude of objectives weakens monetary policy by preventing the Fed from pursuing a more limited but more attainable ...