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Author:Hafer, Rik 

Working Paper
Inflation uncertainty and a test of the Friedman hypothesis

This paper tests Friedman's (1977) hypothesis that increases in inflation uncertainty, ceteris paribus, may yield higher levels of unemployment. Tests are made using quarterly measures of inflation uncertainty taken from the ASA-NBER survey. Using the 1972-1984 period, we find general support for the hypothesis.
Working Papers , Paper 1985-006

Journal Article
The FOMC IN 1987: the effects of a falling dollar and the stock market collapse

Review , Issue Mar

Journal Article
The prime rate and the cost of funds: is the prime too high?

Review , Volume 65 , Issue May , Pages 17-21

Journal Article
Against the tide: Malcolm Bryan and the introduction of monetary aggregate targets

Monetary policy was freed from the straightjacket of pegging U.S. Treasury interest rates following the Treasury-Federal Reserve Accord in 1951. This newfound freedom led to a growing debate inside and outside the Federal Reserve System about the appropriate measures to use as operating guides. This article examines the contributions of Malcolm Bryan, president of the Atlanta Fed from 1951 through 1965, to this debate and to the evolution of monetary policy in the postaccord era. ; Bryan parted company with most of his colleagues on the Federal Open Market Committee by trying to steer policy ...
Economic Review , Volume 84 , Issue Q1 , Pages 20-37

Working Paper
Further evidence on choosing an operating target for monetary policy

Working Papers , Paper 1981-011

Working Paper
The formation of expectations: some evidence from weekly money supply forecasts

Working Papers , Paper 1983-005

Journal Article
Selecting a monetary indicator: a test of the new monetary aggregates

Review , Volume 63 , Issue Feb , Pages 12-18

Journal Article
The impact of energy prices and money growth on five industrial countries

Review , Volume 63 , Issue Mar , Pages 19-26

Working Paper
Comparing time-series and survey forecasts of weekly changes in money: a methodological note

Working Papers , Paper 1983-013

Journal Article
Darryl Francis and the Making of Monetary Policy, 1966-1975

Darryl Francis was president of the Federal Reserve Bank of St. Louis from 1966 to 1975. Throughout those years he was a leading critic of U.S. monetary policy. Francis argued in policy meetings and public venues that monetary policy should focus on maintaining a stable price level. In contrast, most policy- makers at the time believed it possible to exploit a trade-off between unemployment and inflation. While Francis attributed inflation directly to excessive growth of the money stock, other policymakers blamed labor and product market failures, fiscal policy, and commodity price shocks. ...
Review , Issue Nov , Pages 469-486

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