Achieving monetary stability at home and abroad

Economic growth is no accident; it needs an environment of secure property rights, openness to trade, reliance on markets, and monetary stability. Since 1982, the US has enjoyed relatively low and stable inflation, which has contributed to strong and steady economic growth. During the same period, many developing countries have experienced currency crises and economic collapse. The evolution of monetary policy in the US is considered and the implications for establishing sound money worldwide are analyzed.