[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-324579-105":59,"doc-detail-324579-en":131},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":124,"head_meta":126,"extra_data":128,"updated_unix":130},105,"en","the-consensus-for-price-stability-monetary-policy-in-an-interdependent-world-keynote-address","The Consensus for Price Stability - Monetary Policy in an Interdependent World - Keynote Address","","A keynote address by Sandra Pianalto on monetary policy emphasizes that central-bank objectives prioritize long-term price stability while supporting maximum sustainable economic growth and high employment in the United States. The speech explains how global policy-makers increasingly align around inflation control, how globalization of financial markets can transmit shocks across borders, and how clear communication and transparency make monetary policy more predictable. Historical U.S. experience is contrasted with reforms that lowered core inflation and stabilized expectations.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/the-consensus-for-price-stability-monetary-policy-in-an-interdependent-world-keynote-address/324579/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/the-consensus-for-price-stability-monetary-policy-in-an-interdependent-world-keynote-address/324579.png","ImageObject",300,407,{"name":92,"@type":93},"Eliana","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-29","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",13,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What are the key objectives of the Federal Reserve’s monetary policy discussed in the speech?","Question",{"text":113,"@type":114},"The speech highlights long-term price stability and fostering maximum sustainable economic growth and high employment in the United States.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"Why does the speech say policymakers cannot ignore international developments?",{"text":118,"@type":114},"Because national trade and financial markets have become increasingly interconnected, global financial developments can affect U.S. monetary policy.",{"name":120,"@type":111,"acceptedAnswer":121},"How did focusing on price stability change outcomes over the subsequent decades?",{"text":122,"@type":114},"Over 25 years, recessions became less frequent and comparatively mild, long-term growth picked up, and studies linked lower inflation to stronger, more sustained economic growth.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},324579,1790013187,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":105,"preview_page_count":4},4398048949847,"https://ap-avatar.wpscdn.com/avatar/400002536579ef2da7f?_k=1778318612642679267","by Sandra Pianalto  \nThe key objeciesofthe FederalReserve's monetary policy are to main-tain long-term price stability and tofoster maximum sustainable economicgrowth and high employment in theUnited States.As a member of theFederal Open Market Committee—thegroup that sets monctary policy in theUnited States—I conceive of these pol-icy objectives solely in national terms-inflation and growth rates in the UnitedStates.Nevertheless,I realize that ifIamto achieve these objectives.I cannotignore international developments.Welive in a closely integrated world,and itbecomes more so every day.  \nToday,I will describe how I think aboutmonetary policy in an interdependentworld.First,I will explain how policy-makers throughout the world havereached a remarkable consensus on theimportance of price stability.Then I wllexplore how the globalization of finan-cia markets could affect U.S.monetarypolicy.Finally.I will explain howaconsensus for price stability has mademonctary policy more predictable and,therefore,more effective in dealing withany type of global adjustment that wemight face.  \nOf course,the views that I express todayare my own.I do not presume to speakfor any of my colleagues in the FederalReserve System.  \n# ■ The Consensus for PriceStability\n\nOver the past couple of decades,mone-tary policymakers.govenment officialsand the public have come to recognizethat long-term price stability is the bestcontribution that a central bank canmake to a nation's economic prosperity.  \n# Monetary Policy in an Interdependent World\n\nBy long-term price stability.I mean arate ofinflation that consistently remainsso low and stable that it does not becomeembedded in business or householdexpectations and disrupt their economicdecisions.  \nAttaching a precise number to this defin-ition of price stability is very difficult,and central banks differ in many of themechanical details.Nevertheless,thosethat focus on maintaining a low stablerate of inflation generally appear to besatisfied with an inflation rate in theI percent to 2 percent range.  \nOver the past 25 years,the world'smonctary authorities have been verysuccessful at reducing the overall globalrate of inflation.Among the industrial-ized countries,the rate of inflation fellfrom 9 percent in the first halfof the1980s to 2 percent early in this decade.The inflation performance among devel-oping countries was even more impres-sive.Their inflation rate fell fromroughly 30 percent to 6 percent over thesame time period.In many countries andregions,central banks have achieved thisgoal through institutional independencedemonstrated commitment,and clearcommunication.  \nTo understand why long-term price sta-bility is so important to a nation's eco-nomic prosperity,we need only recall atime when price stability was not theglobal norm.While this is not a uniquelyAmerican story,I will describe the U.S.experience,since Iknow that situationbest.During the so-called \"Great Infla-tion”of the late 1960s and the 1970s.confidence in U.S.monetary policy wasbadly shaken.Faced with a series offinancial crises and energy-price shocks.  \nMay 1,2006  \nWhile central bankers must focus ondelivering price stability and othermandates in their own countries,they must also monitor internationaldevelopments closely becausenational trade and financial marketshave become increasingly intercon-nected.Sandra Pianalto,presidentand chiefexecutive officer of theFederal Reserve Bank ofCleveland,expehow the globalization offinancial markets could affect U.S.monetary policy and explains howacommitment to price stability andpolicy transparency can help mone-tary policymakers deal with challeng-ing international developments.A version of this speech was pre-sented to the Marshall Forum onTransatlantic Affairs in Tremezzo,Italy,on March 18,2006.  \nFederal Reserve policymakers did notfollow a consistent and clearlyarticu-lated policy.They alternatively tightenedand loosened monetary policy in a futileattempt to achieve conflicting economic","cbCaiuocvkHSo5wa","https://ap.wps.com/l/cbCaiuocvkHSo5wa","pdf",1144255,"English","# The Consensus for Price Stability\n# Monetary Policy in an Interdependent World","[{\"question\":\"What are the key objectives of the Federal Reserve’s monetary policy discussed in the speech?\",\"answer\":\"The speech highlights long-term price stability and fostering maximum sustainable economic growth and high employment in the United States.\"},{\"question\":\"Why does the speech say policymakers cannot ignore international developments?\",\"answer\":\"Because national trade and financial markets have become increasingly interconnected, global financial developments can affect U.S. monetary policy.\"},{\"question\":\"How did focusing on price stability change outcomes over the subsequent decades?\",\"answer\":\"Over 25 years, recessions became less frequent and comparatively mild, long-term growth picked up, and studies linked lower inflation to stronger, more sustained economic growth.\"}]","The Consensus for Price Stability - Monetary Policy in an Interdependent World - Keynote Address | PDF",1789968311]