If not, markets will only benefit from discovering an idea which brings greater monetary stability.
There have been periods of monetary stability, but the trend line has been manifestly unstable.
With monetary stability assured by the gold standard system, bond yields fell everywhere to very low levels.
FORBES: The 1870-1914 Gold Standard: The Most Perfect One Ever Created
To hear some in Brussels, Germany is at best obsessed with monetary stability, at worst a selfish bully.
Rather it has two core purposes: Monetary stability and financial stability.
Instead, America needs to get its macro-medicine right, in particular by committing itself to medium-term fiscal and monetary stability without excessive short-term tightening.
Mr Osborne also announced the re-appointment of Charlie Bean as Bank of England deputy governor for monetary stability for a further year until the end of June 2014.
Countries that have monetary stability grow faster than those that don't.
Estonia adopted such a mechanism and Latvia a variation of one in the 1990s and achieved monetary stability even as nearby Russia was, for a long time, racked by inflation.
Mr Carney said there was room "within the framework of flexible inflation targeting that exists in most advanced economies", for central banks to achieve monetary stability over the appropriate horizon.
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Nor are inflation indexes useful guides to monetary stability.
When such support is needed, this is precisely when international access is denied, and any attempt to defend the exchange rate, or to pursue targets for inflation or monetary stability, will be difficult to say the least.
Reagan, whose life spanned from the pre-Federal Reserve world at the time of his birth to the era of computer-driven financial innovation during his presidency, appreciated how difficult it was to achieve lasting monetary stability because he had seen the ups and downs of most of the twentieth century.
The 2011 Index of Economic Freedom, which is a joint project of The Heritage Foundation and The Wall Street Journal, ranked 183 countries based on 10 measures that evaluate such things as openness to trade and investment, government size, fiscal soundness, business and labor regulation, property rights, corruption, monetary stability and financial competition and transparency.
Unlike today, these rock-bottom yields were not obtained by every sort of central bank manipulation imaginable, but reflected the long history and expectation for monetary and macroeconomic stability that the gold standard system provided.
FORBES: The 1870-1914 Gold Standard: The Most Perfect One Ever Created
Put your hands together, therefore, for a country which has undertaken three original and far-sighted reforms to bring credibility to its monetary policy, stability to its public finances and prudence to its government accounts, and has thus transformed itself from one of the great disasters of modern macroeconomics into an object lesson in the conduct of economic policy.
In that case, rather than price stability, the sole goal of monetary policy should be dollar-price stability.
Speaking to the Economic and Monetary Affairs Committee on 4 October 2011 he said that economic and monetary union had provided stability and low inflation for over a decade.
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Beyond monetary considerations and administrative stability, Ghana is also reaping the rewards of years of investment in youth football which has produced players like Essien and Muntari -- and now new kid on the block Adiyiah and others.
The gold-based Bretton Woods monetary system provided the currency stability necessary for the resumption of international trade.
Additionally, the Fed failed to provide stability to our monetary system, resulting in the collapse of the U.S. banking system.
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The Bank of England obsessed about monetary policy and neglected financial stability.
In Mundell's writings about a one-world currency, there's a strong preference for a Greenspan-style monetary policy, where price stability is the only goal.
Paul Tucker, Deputy Governor, Financial Stability, and Monetary Policy Committee members Professor David Miles, and Ian McCafferty, speak more freely about the controversial policy of quantative easing (QE) which is being deployed to combat the recession?
Speaking on Monday, he said he was also "sceptical" of alternative monetary policy targets to price stability, such as gross domestic product targeting, since any, even temporary, loosening of inflation expectations would "poison" central bank credibility.
The immensely sober-sided Bank of England issued, just over a year ago, a severe critique of contemporary monetary policy, Financial Stability Report No. 13 , scoring it as far worse performing, empirically, than the gold standard.
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But the future prosperity of Greece, as well as the stability of the European Monetary Union, depends on their success.
Fed Chairman Ben Bernanke has been very clear on the importance of inflation, and price stability, in deciding monetary policy.
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When the ECB came into existence on June 1, 1998, its overriding objective was to maintain price stability within the European Monetary Union.
Now Mundell is back, warning about the urgent need to restore stability to the global monetary system and calling on governments to reinstate hard money.
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