Money Growth and the Employment Aspirations of Black Americans

Irrespective of other economic initiatives in the area of fiscal and regulatory policies that may be required, there will not likely be an improvement in the employment situation for black Americans unless policy-makers gain a better handle on the conduct of monetary policy. The implication is that the welfare of black Americans tends to improve most when the economy is experiencing high and steady rates of economic growth. The single most important tool for achieving that growth is a highly stable rate of monetary growth that is roughly in line with the longterm growth of the economy.