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Economic Commentary

Defending Zero Inflation: All For Naught

During the past several years, I have spent a considerable amount of time promoting price stability as the overriding objective for the Federal Reserve System. In this Economic Commentary, I would like to discuss some of the criticisms that this position has generated, to respond to those criticisms, and to comment on a conference that the Federal Reserve Bank of Cleveland held last year on the subject of price stability.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Hoskins, W. Lee. 1991. “Defending Zero Inflation: All For Naught.” Federal Reserve Bank of Cleveland, Economic Commentary 4/1/1991.