Fed Reserve Bank of Richmond - Annual Report 2003

The Federal Reserve Bank of Richmond has published its Annual Report for the year ended 2003. Academic and central bank economists have devoted considerable attention recently to determining how central banks can best maintain price stability. In the feature essay, "Sustaining Price Stability," an analytical framework is presented for understanding inflation and deflation.

They explore the implications of this framework for some of the current challenges facing the Fed and other central banks

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