The idea of monetary policy aimed at producing a stable price level has gained increasing support in the United States in recent years. In 1991, the Neal Resolution proposed to make such a policy objective law.
The authors argue that a monetary policy of zero inflation would benefit society by eliminating price distortion, increasing economic growth, adding liquidity to the economy, and reducing uncertainty associated with price-level drift.
The current budget process is likely to produce large budget deficits in fiscal year 1982 and thereafter. The budget deficit is the residual from the taxing and spending policies of the federal government.