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Journal Article
Views on monetary policy
Journal Article
Financial reform at a crossroads
A discussion of the serious banking problems created by the conflict between market forces and regulation, featuring comments on regulation, deposit insurance, and objectives for financial reform.
Journal Article
Payment system risk and financial reform
An opinion by Cleveland Federal Reserve Bank President W. Lee Hoskins that shrinking the federal safety net, including the payments system, must be a precondition of financial reform in the United States.
Journal Article
Defending zero inflation: all for naught
A response by the Federal Reserve Bank of Cleveland president to critics of his continuing advocacy of zero inflation as the overriding objective of monetary policy.
Journal Article
The case for price stability
The testimony of Cleveland Federal Reserve Bank President W. Lee Hoskins before the U.S. House of Representatives' Subcommittee on Domestic Monetary Policy, supporting House Joint Resolution 409, which would establish achievement of price stability as the primary policy goal of the central bank.
Journal Article
Is current fiscal policy an obstacle to sound monetary policy?
A discussion of the relationship between monetary and fiscal policy, concluding that sound policy, be it monetary or fiscal, should have clear objectives, verifiable outcomes, and rules that are consistently followed.
Journal Article
A critique of monetary protectionism
An argument against attempts to achieve current-account objectives through monetary manipulation of nominal exchange rates, with an explanation of why such tampering--which for various reasons might appear politically attractive--ultimately harms economic welfare.
Journal Article
Breaking the inflation-recession cycle
A discussion of recessions, caused by inflationary monetary policies as well as nonmonetary surprises, and a prescription for attaining maximum sustainable economic growth.
Journal Article
Price stability and regional diversity
An argument against using short-term monetary policy to alleviate regional economic shocks and an analysis of how regional economic diversity lends strength to the goal of price stability as the Federal Reserve System's sole monetary policy focus.
Journal Article
A market-based view of European Monetary Union
A discussion of European economic integration, noting that monetary union is of secondary importance to free markets in pushing Europe toward its economic potential.