And Finally, No Matter How Good The

The Price Of Imported Oil In The Us Doubled Between Summer 2003 And Summer 2005, Reducing Consumers' Purchasing Power By More Than 1 Per Cent Of Gross Domestic Product.

Domestic Inflation Reflects Domestic Monetary Policy.

In Short, Both Experience And Economic Theory Imply That The Us Could Now T To A More Competitive Dollar Without Experiencing Either Increased Inflation Or Decreased Economic Growth.

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.

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.