Shadow Open Market Committee Policy Statement
journal contributionposted on 01.05.2008, 00:00 by Allan MeltzerAllan Meltzer
The Federal Reserve should act promptly to slow money growth. Failure to act will prove costly; continued delay will add to those costs. The mistaken policies of the last 12 months must be replaced by a policy that reduces money growth. The Federal Reserve will have to be uncharacteristically adept to avoid both recession and higher inflation as it slows money growth.