An abstract for this article is not available

An abstract for this article is not available

An abstract for this article is not available.

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...

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.

The Federal Reserve has been announcing target ranges for the growth of M1 and other monetary aggregates since 1975. In “Base Drift and the Longer Run Growth of M1: Experience from a Decade of Monetary Targeting,” Alfred Broaddus and Marvin Goodfriend discuss a technical aspect of the...

An abstract of this article is not available

Many analysts have advocated using commodity prices as a guide for monetary policy. A necessary condition is that changes in commodity prices are good predictors of future aggregate price changes. This paper examines that proposition. It shows that while commodity prices can help produce more...

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.

An abstract for this article is not available