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Instead, controlling inflation has become the goal.
Macroeconomic policy, he argues, is not just about controlling inflation.
So, the Fed is pretty effective at controlling inflation.
They have difficulty controlling inflation and defending currencies, thus chasing away foreign capital.
Central banks' credibility should be focused where it is most needed, on controlling inflation.
Mr Greenspan thinks that his successors will have a harder time controlling inflation than he did.
Those contacts, and Britain's success in controlling inflation, gave Sir Mervyn global clout.
However, there is rising support among Americans for its reintroduction in the hope of controlling inflation.
In practice it behaves much like central banks, for whom controlling inflation is the only mandate.
The central bank, by controlling inflation, can dramatically reduce the volatility of business cycles.
But it hoped the increase would send a message that it was serious about controlling inflation.
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