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Achieving Monetary Stability at Home and Abroad
By James Gwartney, Kurt Schuler, and Robert Stein
Introduction
Economic growth is no accident;it needs an environment of secure property rights, openness to trade, reliance on markets, and monetary stability. Since 1982, the United States has enjoyed relatively low and stable inflation, which has contributed to strong and steady economic growth. During the same period, many developing countries have experienced currency crises and economic collapse. Here we consider the evolution of monetary policy in the United States and analyze the implications for establishing sound money worldwide.
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