First, I Think The Science Of Monetary

The Good News Is That A Competitive Dollar In The Global Market And A Strong Dollar At Home Are Compatible In Both The Long Run And During The Transition To A More Competitive Dollar.

Domestic Inflation Reflects Domestic Monetary Policy.

An Increase In The Relative Price Of Products From The Low Wage Manufacturers In Asia And Latin America Will Also Make Those Products Less Attractive To American Consumers.

And Finally, No Matter How Good The Science Gets, There Are Problems That Inevitably Depend On Judgment, On Art, On A Feel For Financial Markets.

First, I Think The Science Of Monetary Economics Has Clearly Gotten Better.