Regulatory reform, banks, and payment system developments
The influence of monetary policy on commercial banking
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.
Economic policy issues for 1988 and beyond
A discussion of the uncertainty surrounding economic policy issues in 1988, with emphasis on the need for policymakers to focus on long-term objectives.
A monetary policy for the 1990's
An argument that the Federal Reserve could improve the performance of the economy by committing to the long-term goal of price stability and by announcing a time frame within which to achieve it. The author explains his support of House Joint Resolution 409, which would mandate making price stability the major goal of Federal Reserve monetary policy.
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.
Inflation: gainers and losers
Originally appeared in the Federal Reserve Bank of Philadelphia Business Review, February 1970, p. 23-30
Statement to Congress, February 6, 1990 (price stability)
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.
International policy coordination: can we afford it?
A proposition that detailed global coordination of macroeconomic policies could have negative effects on real economic growth and efficiency, and that the integrity of private markets would be better assured through the maintenance of long-term nominal policy targets.