Institutional knowledge of Federal Reserve policy procedures, simple economic theory, and the inflation scare concept explain interest rate policy as practiced by the Fed since 1979. The focus is the primary policy problem during the period: the acquisition and maintenance of credibility for the...

For industrial countries in the post-war period, the price level and the money stock have displayed little tendency to revert to given growth paths. Indeed, this stylized fact is frequently referred to by monetarist critics of central banks, who point out that periods of temporarily high or low...

This paper is intended to be an analysis of discount window borrowing as it relates to more general issues of monetary control. The topic deserves a new look because of the central role of discount window borrowing under the post-October 6, 1979 "reserve targeting" operating strategy