A discussion of the pernicious effects of inflation on U.S. economic efficiency and a recommendation that the Federal Reserve should move toward its goal of price stability through an information program stating its goals, methods, and timetables for achieving zero inflation.

A discussion of recessions, caused by inflationary monetary policies as well as nonmonetary surprises, and a prescription for attaining maximum sustainable economic growth.

A response by the Federal Reserve Bank of Cleveland president to critics of his continuing advocacy of zero inflation as the overriding objective of monetary policy.