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A Conference on Price Stability

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In November 1990, the Federal Reserve Bank of Cleveland sponsored a Conference on Price Stability. The participating economists were asked to explain how recent developments in macroeconomic research have changed the way we think about optimal inflation policy. In particular, the discussions center on the implications for the optimal inflation trend (the Friedman-Phelps debate) and for the degree of variability of inflation around the trend. The six papers presented at the conference, though limited in practical policy dimensions, provide a detailed evaluation of the issues surrounding the Friedman-Phelps debate.


Suggested citation: Carlstrom, Charles, and William Gavin. “A Conference on Price Stability,” Federal Reserve Bank of Cleveland, Economic Review, vol. 27, no. 4, pp. 02-09, 10.01.1991.

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