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This article discusses a technical aspect of the Federal Reserve's monetary targeting procedure that has come to be known as "base drift." The Fed has been announcing larger ranges for the growth of M1 and other monetary aggregates since 1975. These ranges have been expressed in terms of rates...
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This article discusses a technical aspect of the Federal Reserve's monetary targeting procedure that has come to be known as “base drift.” The Fed has been announcing target ranges for the growth of M1 and other monetary aggregates since 1975. These ranges have been expressed in terms of...
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