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About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
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We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Community Development
We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Economic Quarterly

Winter 1993

Price Stability Under Long-Run Monetary Targeting

A simple model of the price level illustrates how Milton Friedman's k-percent monetary policy rule provides for price stability. His rule can, in particular, largely eliminate the problem of long-run price-level uncertainty emphasized by Irving Fisher.

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Karl Rhodes (804) 697-8144

Economic Quarterly

Winter 1993

Price Stability Under Long-Run Monetary Targeting

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