Towards Full Employment and Price Stability.

Yet another paper on full employment and price stability would seem to be a leading candidate for prizes in the Departments of Futility and Temerity. For over a decade now we have had a persisting problem of inflation, and for most ofthat period the unemployment rate has also been high. The probability that after a decade any new approaches or new insights can be developed would seem to be low. If Mark Twain were writing today he would probably cite inflation and unemployment, rather than weather, as something much discussed and about which obviously little is done.