Monetary credibility, inflation, and economic growth

A speech by Roger W. Ferguson Jr, former vice chairman of the Board of Governors of the Federal Reserve System, at the Cato Institute's 23rd Annual Monetary Conference in Washington, DC, on Nov 3, 2005, is presented. By now it must be universally agreed that low and stable inflation is a primar...

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Bibliographic Details
Published in:The Cato journal 2006-04, Vol.26 (2), p.223-230
Main Author: Ferguson, Roger W
Format: Article
Language:English
Subjects:
1120
9190
Analysis
Banking
Central banks
Committees
Congresses and Conventions
Credibility
Credit market
Crude oil prices
Economic activity
Economic aspects
Economic conditions
Economic Development
Economic growth
Economic policy & planning
Federal Reserve monetary policy
Ferguson, Roger
Independence
Inflation
Inflation (Finance)
Inflation rates
Monetary economics
Monetary policy
Petroleum
Policy studies
Stability
Statistics
U.S.A
United States
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Summary:A speech by Roger W. Ferguson Jr, former vice chairman of the Board of Governors of the Federal Reserve System, at the Cato Institute's 23rd Annual Monetary Conference in Washington, DC, on Nov 3, 2005, is presented. By now it must be universally agreed that low and stable inflation is a primary and essential goal for monetary policy, in large part because people believe it brings stability to financial systems and fosters sustainable economic growth over the longer run. In pursuit of this goal, central banks can report some success. The International Monetary Fund (IMF) figures for the US show a smaller but still substantial decline in headline inflation, from about 3.75% to 2.5%. His generation of central bankers has the job of maintaining the victories of the previous generation and of using all their tools to keep inflation expectations contained and inflation low and stable. They owe their predecessors and their fellow citizens nothing less.
ISSN:0273-3072
1943-3468