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Economic Perspectives, Vol. 28, 4th, No. 4, November 2004
In Search of a Robust Inflation Forecast
The sound conduct of monetary policy is the bedrock on which a well-functioning economy rests. In the United States, the conduct of monetary policy is guided by the goals set out in the 1977 amendment to the Federal Reserve Act of 1913. According to this amendment, the Federal Reserve System and the Federal Open Market Committee (FOMC) should conduct monetary policy to promote the goals of “maximum” employment and output and to promote “stable” prices.
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