A review of Federal Reserve Chairman Paul A. Volcker's testimony before Congress about the System's monetary targets for 1985, with an analysis of some current monetary policy issues.

An examination of the compositional changes in the monetary aggregates M1 and M1A, with a discussion of their behavior in the 1980s and some issues relevant to the possibility of replacing M1 with M1A in the monetary targeting framework.

A review of the history of the lagged reserve requirements- contemporaneous reserve requirements controversy and a discussion of the relative importance of reserve timing under various operating procedures.