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Journal Article
Swiss and United States monetary policy: has monetarism failed?
Rich, Georg (1987-05)
An abstract for this article is not available
Economic Review , Volume 73 , Issue May , Pages 3-16

Journal Article
The Australian money market and the operations of the Reserve Bank of Australia: a comparative analysis
Dotsey, Michael (1987-09)
This article provides a comparative analysis of central bank operating procedures in Australia and the United States. It also examines the effect that the structure of overnight money markets, reserve requirements, and central bank lending procedures have on monetary control in both countries. Evidently the Australian financial structure is such that an interest rate instrument provides superior control of money, a result that may not hold in the United States.
Economic Review , Volume 73 , Issue Sep , Pages 19-31

Journal Article
The Fed's anti-inflationary strategy: is it adequate?
Black, Robert P. (1987-09)
Inflation remains a potential longer-run threat to the health of the economy despite the progress made in reducing the inflation rate in recent years. The Fed must have a credible strategy in place to meet this threat. As Richmond Fed president Robert P. Black notes in this speech to business economists, a strategy centered around targeting monetary aggregates may still be the best approach over time, even after account is taken of the technical problems encountered in using aggregates as targets in the 1980s. Black argues that the substitution of a rule for the present discretionary approach ...
Economic Review , Volume 73 , Issue Sep , Pages 3-9

Journal Article
The case for rules in the conduct of monetary policy: a concrete example
McCallum, Bennett T. (1987-09)
A policy rule can be activist; the distinction between rules and discretion depends on the stage at which optimization calculations enter the policy process. Here a specific monetary rule is proposed, one that sets the monetary base each quarter in a manner designed to keep nominal aggregate demand growing smoothly at a noninflationary rate. Simulations with a simple estimated model suggest that the proposed rule would have performed well over the period 1954-85, despite financial innovations and regulatory change.
Economic Review , Volume 73 , Issue Sep , Pages 10-18

Journal Article
Indexed bonds as an aid to monetary policy
Hetzel, Robert L. (1992-01)
A measure of the publics expectation of inflation would assist the Fed in formulating monetary policy. In order to create such a measure, the U.S. Treasury could issue its debt in two forms: standard debt and debt indexed for inflation. The difference in yield on these two forms of debt would measure the publics expectation of inflation.
Economic Review , Volume 78 , Issue Jan , Pages 13-23

Journal Article
Oil shocks, monetary policy, and economic activity
Dotsey, Michael; Reid, Max (1992-07)
Various reasons have been given to explain downturns in U.S. economic activity since World War II. Romer and Romer (1989) argued that these recessions were primarily associated with monetary contractions, while Hamilton (1983) and others attributed them to oil price increases. We investigate these competing hypotheses and find that when measures of oil prices are included, the Romers measure of monetary policy does not significantly explain economic downturns. However, alternative measures of monetary policy, specifically the federal funds rate the spread between the ten-year Treasury rate ...
Economic Review , Volume 78 , Issue Jul , Pages 14-27

Journal Article
Japanese monetary policy, a comparative analysis
Dotsey, Michael (1986-11)
An abstract for this article is not available
Economic Review , Volume 72 , Issue Nov , Pages 12-24

Journal Article
Federal funds : instrument of Federal Reserve policy
Whelpley, William; Goodfriend, Marvin (1986-09)
An abstract for this article is not available
Economic Review , Volume 72 , Issue Sep , Pages 3-11

Journal Article
Monetary policy in the early 1980s
Hetzel, Robert L. (1986-03)
An abstract for this article is not available
Economic Review , Volume 72 , Issue Mar , Pages 20-32

Journal Article
Reflections on the strategy of monetary policy
Black, Robert P. (1990-07)
The President of the Richmond Fed argues that: [1] price stability ought to be the overriding goal of monetary policy; [2] procedures for controlling the money supply need to be improved; and [3] monetary policy must be prepared to respond promptly to inflationary pressures.
Economic Review , Volume 76 , Issue Jul , Pages 3-7

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