Date of Original Version

3-8-1999

Type

Conference Proceeding

Abstract or Description

The Federal Reserve should act promptly to slow money growth. Failure to act will prove costly; continued delay will add to those costs. The mistaken policies of the last 12 months must be replaced by a policy that reduces money growth. The Federal Reserve will have to be uncharacteristically adept to avoid both recession and higher inflation as it slows money growth.

Comments

Presented at SOMC Meeting, March 1999, Washington, DC.

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