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 WASHINGTON (AP) - Ben Bernanke, in his first public speech as Federal Reserve chairman, laid out a scholarly case Friday that keeping inflation low and stable tends to foster economic growth and jobs.
This sensibility — now largely a consensus view — marked an evolution in economic thinking, Bernanke said in remarks at Princeton University in New Jersey.
"Central bankers, economists and other knowledgeable observers around the world agree that price stability contributes importantly to the economy's growth and employment prospects," he said. "But that view did not always command the support it does today."
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