In the period 1997-1999, the RDGP growth rate in the US averaged 4% per year, while inflation rates remained at or below 2% per year. In the latter half of the 1970's, by contrast, inflation rates accelerated markedly even though annual growth in RGDP did not exceed 3%. Now that the US economy has fully recovered from the recent recession, what will determine whether it can in the remaining years of this decade sustain a strong growth performance similar to 1997 to 1999 without triggering a noticeable acceleration of inflation.