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Keywords:Money supply 

Journal Article
Money growth volatility and high nominal interest rates

The period 1979-86 saw (1) high interest rates, (2) volatile money growth, and (3) new Fed operating procedures. Was the third item the chief cause of the other two? Probably not. For much of the increased monetary volatility stemmed not from the new procedures but rather from the publics deregulation-induced switching from assets included in M1 to those included in M1 and M2. Moreover it was not monetary volatility as much as deregulation-triggered rises in money demand that contributed to high rates early in the period.
Economic Review , Volume 73 , Issue Nov , Pages 10-19

Journal Article
The Fed's anti-inflationary strategy: is it adequate?

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
In search of a stable, short-run M1 demand function

Conventional M1 demand functions reformulated using error-correction and cointegration techniques neither depict parameter stability nor satisfactorily explain short-run changes in M1. Thus, M1 remains unreliable as an indicator variable for monetary policy.
Economic Review , Volume 78 , Issue May , Pages 9-23

Journal Article
How useful is M2 today?

One of the most difficult aspects of formulating monetary policy is assessing the impact of policy actions on the public's dollar spending. Historically, the behavior of M2 has offered considerable information about the impact of monetary policy on dollar spending. It appears likely that M2 will continue to offer useful information to the policymaker.
Economic Review , Volume 78 , Issue Sep , Pages 12-25

Journal Article
Has M2 demand become unstable?

Standard M2 demand regressions generate prediction errors in 1990, 1991, and 1992 that cumulate to an overprediction of M2 of about 4.2 to 4.3 percent by the second quarter of 1992. These prediction errors are not large and can be accounted for by M2 demand regressions that include a yield curve variable. The yield curve variable captures portfolio substitutions out of M2 into other long-term financial assets such as bond and equity funds.
Economic Review , Volume 78 , Issue Sep , Pages 26-35

Journal Article
An error-correction model of U.S. M2 demand

An error-correction model is used to study the long- and short-run determinants of U.S. demand for M2. The money demand function presented here exhibits parameter stability and predicts quite well the actual behavior of M2 growth in the 1980s.
Economic Review , Volume 77 , Issue May , Pages 3-12

Journal Article
Eliminating runaway inflation : lessons from the German hyperinflation

An abstract for this article is not available
Economic Review , Volume 66 , Issue Jul , Pages 3-7

Journal Article
The October 1979 regime of monetary control and the behavior of the money supply in 1980

An abstract for this article is not available.
Economic Review , Volume 68 , Issue Jul , Pages 3-15

Journal Article
The monetary responsibilities of a central bank

This article provides an analytical framework for discussing the monetary responsibilities of a central bank. The framework shows how the central bank gives the price level a well-defined equilibrium value and how the central bank causes this equilibrium value to change over time.
Economic Review , Volume 74 , Issue Sep , Pages 19-31

Journal Article
The forecast performance of alternative models of inflation

It is inappropriate to ignore the behavior of money in explaining the generation and evolution of aggregate inflation over time. It is shown that over the period 1977 to 1987 an inflation model based on M2 demand describes more accurately the actual behavior of inflation than an expectations-augmented version of the Phillips curve.
Economic Review , Volume 74 , Issue Sep , Pages 10-18



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