Price Stability and Regional Diversity
Those who recognize and appreciate the regional diversity of our national economy can readily understand why I believe that price stability is the only policy objective that the Federal Reserve System can achieve. My reason for espousing this view is quite simple and is vested in the nature of national business cycles.
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 paper and its data are subject to revision; please visit clevelandfed.org for updates.
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