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July/August 1997, 
Vol. 79, No. 4
Posted 1997-07-01

Credible Monetary Policy to Sustain Growth

by Thomas C. Melzer

Despite the fact that the U.S. economy has been performing very well recently, monetary policymakers have been the targets of some criticism. In the speech reprinted here, which was delivered to a group of bankers in June 1997, St. Louis Federal Reserve President Thomas C. Melzer responds to the critics and outlines some ideas for maintaining sustainable, noninflationary economic growth. In his assessment, credibility is a key aspect of successful monetary policy.