MARC Record from Scriblio

LEADER: 02435cam 22003257a 4500
001 2005618345
003 DLC
005 20050705162246.0
007 cr |||||||||||
008 050705s2005 mau sb 000 0 eng
010 $a 2005618345
040 $aDLC$cDLC
043 $an-us---
050 00 $aHB1
100 1 $aFriedman, Benjamin M.
245 10 $aWhat remains from the Volcker experiment?$h[electronic resource] /$cBenjamin M. Friedman.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2005.
490 1 $aNBER working paper series ;$vworking paper 11346
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/5/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Under conventional representations of economic policymaking, any innovation is either (1) a change in the objectives that policymakers are seeking to achieve, (2) a change in the choice of policy instrument, or (3) a change in the way auxiliary aspects of economic activity are used to steer policy in the context of time lags.Most public discussion of the 1979 Volcker experiment at the time, and likewise most of the subsequent academic literature, emphasized either the role of quantitative targets for money growth (3) or the use of an open market operating procedure based on a reserves quantity rather than a short-term interest rate (2). With time, however, neither has survived as part of U.S. monetary policymaking.What remains is the question of whether 1979 brought a new, greater weight on the Federal Reserve%u2019s objective of price stability vis-a-vis its objective of output growth and high employment (1). That is certainly one interpretation of the historical record. But the historical evidence is also consistent with the view that the 1970s were exceptional, rather than that the experience since 1979 has differed from what went before as a whole"--National Bureau of Economic Research web site.
650 0 $aMonetary policy$zUnited States.
600 10 $aVolcker, Paul A.
610 20 $aBoard of Governors of the Federal Reserve System (U.S.)
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 11346.
856 40 $uhttp://papers.nber.org/papers/W11346