Paul Volcker is a tremendous hero with the Federal Reserve system and for the American economy. He took very tough actions and helped to break the back of double-digit inflation at a time when it had to be done.
If we were to underrun our inflation objective over a period of time that we tried to increase interest rates, I think that would be worrisome.
For risk management reasons, we need to make sure we hit our inflation objective at the same time we're at full employment.
If the national economy improves, Chicago will improve.
I think that sharing information about our economies, the way that the central banks do in Basel and other forums, is quite useful. But it's sharing information. It's not coordinating policy. It's not coordinating a single monetary policy.
