The central focus of what we are doing at the Fed is to keep inflation from accelerating - and preferably decelerating.
But, given our current state of knowledge, I find it difficult to envision central banks successfully targeting asset prices any time soon,
I find it difficult to believe, for example, that the crises that arose in Thailand and Korea would have been nearly so virulent had their central banks published data prior to the crises on net reserves instead of the not very informative gross reserve positions only,
History has demonstrated that implicit in any removal of power from central planners and broadening of market mechanisms -- as would occur under WTO -- is a more general spread of rights to individuals,
We have a very special mission. We are in charge of the nation's currency and the central bank, because of that, is involved in everyone's daily lives. We are the guardians of their purchasing power.
We cannot be a central bank for others.