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Journal Article
Noteworthy : Parting shots
Journal Article
Noteworthy : Water rights
Journal Article
Central banking: then and now
Conference Paper
Federal Reserve asset acquisition: a proposal, panel discussion
Journal Article
Base drift and the longer run growth of M1 : experience from a decade of monetary targeting
The Federal Reserve has been announcing target ranges for the growth of M1 and other monetary aggregates since 1975. In Base Drift and the Longer Run Growth of M1: Experience from a Decade of Monetary Targeting, Alfred Broaddus and Marvin Goodfriend discuss a technical aspect of the Feds monetary targeting procedure known as base drift. Base drift refers to the Feds practice of using the actual dollar level of an aggregate in the base quarter as the base level for the target range, rather than the midpoint of the targeted range set in the preceding period. Broaddus and Goodfriend estimate the ...
Working Paper
Base drift and the longer run growth of M1 : experience from a decade of monetary targeting
This article discusses a technical aspect of the Federal Reserve's monetary targeting procedure that has come to be known as "base drift." The Fed has been announcing larger ranges for the growth of M1 and other monetary aggregates since 1975. These ranges have been expressed in terms of rates of growth from a base quarter to the quarter four quarters later. The term "base drift" refers to the Fed's practice of using the actual dollar level of an aggregate in the base quarter as the base level for the target range, rather than the midpoint of the targeted range set in the preceding ...
Working Paper
Monetary policy, bank credit, and total credit : a preliminary analysis
For the last three years, the Federal Open Market Committee has focused greater attention on certain monetary and credit aggregates in specifying its longer-run targets.
Journal Article
Noteworthy : The real value of economic education
Journal Article
The relationship between the discount rate and the federal funds rate under the Federal Reserve's post-October 6th 1979 operating procedure
An abstract for this article is not available.