Remarks by Governor Ben S
نویسنده
چکیده
Achieving and maintaining price stability is the bedrock principle of a sound monetary policy. Price stability promotes economic growth and welfare by increasing the efficiency of the market mechanism, facilitating long-term planning, and minimizing distortions created by the interaction of inflation and the tax code, accounting rules, financial contracts, and the like. Price stability also increases economic welfare by promoting stability in output and employment. In particular, the marked decline in the variability of both inflation and output in recent decades, not only in the United States but also in most of the rest of the world, is by no means an accident. A significant portion of this improved performance has resulted from a reorientation of central bank policies toward a greater emphasis on keeping inflation low and stable. These policies have helped to anchor the public's inflation expectations at a low level, which has not only helped to contain inflation but has also given central banks greater latitude to stabilize the real economy with less concern than in the past about potential inflationary consequences.
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