Journal Article
Against the tide: Malcolm Bryan and the introduction of monetary aggregate targets
Hafer, Rik (1999-01)
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