Working Paper
Monetary policy in the early 1980's
Abstract: A requirement for the study of macroeconomic behavior in the early 1980s is an understanding of the monetary policy pursued by the Federal Reserve and of the way this policy was implemented. In an attempt to fulfill this requirement, the formulation and implementation of monetary policy are discussed in this paper for the period of October 1979 to December 1983. Particular attention is paid to the choice by the Fed of the funds rate or the money supply as its primary policy variable. It is contended that the operating procedures adopted in October 1979 contributed to the cyclical behavior of interest rates and money.
Keywords: Monetary policy - United States; Open market operations;
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Bibliographic Information
Provider: Federal Reserve Bank of Richmond
Part of Series: Working Paper
Publication Date: 1984
Number: 84-01