In that case, rather than price stability, the sole goal of monetary policy should be dollar-price stability.

FORBES: Price Stability Is An Economically Dangerous Fad

Having the central bank embrace inflation would shock economists and Fed watchers who view price stability as the foremost goal of monetary policy.

FORBES: Greg Mankiw Was Almost Federal Reserve Chairman Instead of Ben Bernanke

The next Fed Chairman would do well to heed the memo's advice of "conducting monetary policy in a steady manner" with the principal goal of price stability.

WSJ: Review & Outlook: The Reagan Memo

Rejigger America's tax, regulatory, immigration and monetary policy to meet the goal of creating supply.

FORBES: Digital Rules