Mr Ferguson reviews last year’s economic performance in the United States and raises some topics related to the underpinnings of macroeconomics and monetary policy  Remarks by Mr Roger W Ferguson Jr, Vice-Chairman of the Board of Governors of the US Federal Reserve System, before the Downtown Economists Club, New York, on 17 February 2000.
Generally countries that suffer from high inflation, which empirically means also unstable inflation, provide a range of assets, including both price- and foreignexchange indexed assets. But extensive price level indexation, like dollarization or exchange-rate indexation, may also complicate the response of the economy to shocks.