And Finally, No Matter How

Unless The Trade Deficit Shrinks, The Combination Of The Trade Deficit And The Interest And Dividend Payments To Foreigners Will Grow Ever More Rapidly.

Even If The Dollar Does Decline During The Coming Months, The Delays In The Response Of Exports And Imports To The More Competitive Dollar Will Mean That The Increase In Aggregate Demand From This Source May Not Happen For A Year Or More.

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.

We Pay Some Price When Necessary To Bring Down Inflation But That Price Is Temporary And Is Not Large Relative To The Permanent Gain From Reduced Inflation.

Domestic Inflation Reflects Domestic Monetary Policy.