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Economic Quarterly

Winter 1997

Monetary Policy Comes of Age: A 20th Century Odyssey

Marvin Goodfriend

The strength of the Federal Reserve's commitment to low inflation is truly a milestone in the history of U.S. monetary policy. Using advances in monetary economics, the Fed has been able to identify policy mistakes that led to high and volatile inflation in the past. Learning from experience, the Fed has transformed its understanding into operational principles to ensure that such mistakes do not happen again. The Fed has successfully applied these principles in the pursuit of low inflation for some time now.

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