At a time when past rules of thumb seem inadequate, the author briefly reviews the connection between money and prices.

An argument for an institutional reform to lengthen the reserve- accounting period from one week to four weeks and to stagger the reserve-accounting periods among four groups of banks. Such staggered- reserve accounting would allow the Federal Reserve to set operating targets for total reserves.

An examination of the short- and long-term implications of an inflation policy on real output, using a method that allows structural interpretation of a simple VAR applied to a macroeconomic system that includes real output and inflation.

An analysis of how a rule for monetary policy specifying a stable price level may dominate a rule for zero inflation with price-level drift, even in the case where, for purely economic reasons, an inflation rule is preferred.

An analysis of the effect that monetary control arrangements have on the information content of the money stock announcements in the market for bank reserves.