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The Case for Price Stability

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In recent testimony before the U.S. House of Representatives' Subcommittee on Domestic Monetary Policy, Federal Reserve Bank of Cleveland President W. Lee Hoskins presented this statement of his support for a Congressional mandate making price stability the Federal Reserve's primary policy goal. House Joint Resolution 409, by committing the central bank to create an explicit plan for price stability, would allow the Federal Reserve to achieve maximum output and employment without incurring the detrimental effects of inflation.

In recent testimony before the U.S. House of Representatives' Subcommittee on Domestic Monetary Policy, Federal Reserve Bank of Cleveland President W. Lee Hoskins presented this statement of his support for a Congressional mandate making price stability the Federal Reserve's primary policy goal. House Joint Resolution 409, by committing the central bank to create an explicit plan for price stability, would allow the Federal Reserve to achieve maximum output and employment without incurring the detrimental effects of inflation.


Suggested citation: Hoskins, W. Lee, 1990. "The Case for Price Stability," Federal Reserve Bank of Cleveland, Economic Commentary, 03.15.1990.

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