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Monetary policy and the M2 target
An analysis of the Federal Reserve's use of the M2 monetary aggregate as both a short-term and long-term policy guide, asserting that the FOMC's tentative target range for M2 growth in 1990 permits ample opportunity for the inflation rate to either accelerate or decline during the next few years.
Price stability and the Swedish monetary experiment
An examination of the feasibility and appropriateness of establishing a direct, price-index target as the primary objective of U.S. monetary policy, with particular emphasis on the Swedish Riksbank's experiment with such an approach during the 1930s.