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Article: Monetary policy in a low inflation environment.
- Article from:
- Economic Quarterly
- Article date:
- March 22, 2003
- Author:
CopyrightCOPYRIGHT 2003 Federal Reserve Bank of Richmond. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It's a pleasure to be here today and to have this opportunity to comment on conducting monetary policy in a low inflation environment. I've been at the Fed for more than thirty-two years and have had the privilege of either advising monetary policymakers or being a policymaker myself throughout my career. It has been quite a ride. For much of this period the Fed was struggling either to prevent inflation from rising further or to bring it down. As you know, over the last several years we have succeeded in reducing the inflation rate to about 1 1/2 percent as measured by the core personal consumption expenditures (PCE) price index--today's favored inflation index--and in ...