FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W1549649791> ?p ?o ?g. }

• W1549649791 endingPage "352" @default.
• W1549649791 startingPage "344" @default.
• W1549649791 abstract "For almost a generation a vigorous debate has been underway over the conduct of monetary policy. The central questions in this controversy are widely known. What are the appropriate goals of monetary policy? What are the linkages between actions to influence the cost and availability of money and credit and the behavior of real output, employment, and prices? What are the best means-in terms of targets and central bank operating techniques-to accomplish the objectives of monetary policy? The divergent answers which economists of different intellectual persuasion give to these questions have generated a sharp schism in the body of monetary theory. On the one side are the Keynesian and postKeynesian economists who have stressed the efficacy of fiscal policy for the purpose of economic stabilization. On the other side are the members of the monetarist school 'who assign great weight to the role of monetary policy. The aim of this paper is to sketch the evolution of monetarist thought inside the Federal Reserve System. In this appraisal, I have viewed the evidence from the vantage point of a member of the Federal Reserve Board and of the Federal Open Market Committee (FOMC). I concluded that a particularly promising approach was to observe the FOMC at work in those rare instances when it set out especially to make substantive revisions in the form of the directive through which it gives instructions to the manager of the System Open Market Account (SOMA). In the last decade, there have been at least four such effortsin the years, 1961, 1964-65, 1966, and 1970. While the focus was on the proposed changes in the directive language, it is clear from the record that the debates were actually over the objectives and conduct of monetary policy. Thus, the directive revision episodes present a unique opportunity to observe the impact on FOMC members of competing ideas about monetary management. I have relied primarily on the public record available in the Minutes of the FOMC for the years 1936-1965 and on the FOMC Record of Policy Actions through the meeting of September 21, 1971 (the last one in the public domain at this writ* Member, Board of Governors of the Federal Reserve System. This paper is a condensation of a more comprehensive version presented at the 84th Annual Meeting of the American Economic Association. Copies of the original paper may be obtained from the Board, Washington, D. C. 20551. I am indebted to a number of persons in the Federal Reserve System for assistance in the preparation of the original paper. Foremost among those are several of my fellow board members (especially Governors J. Dewey Daane, Sherman J. Maisel, George W. Mitchell, and J. L. Robertson) who responded readily to my numerous questions and shared with me some of their recollections regarding internal debates in the Federal Open Market Committee (FOMC) and at the Board on the appropriate techniques of monetary management. Of course, they bear no responsibility for the use or interpretation I have made of the information provided. Several members of the Board's staff (identified in the original version) also helped in the preparation of the paper. Again, I must stress that the views expressed here are my own and should not be attributed to my colleagues either on the Board or among its staff." @default.
• W1549649791 created "2016-06-24" @default.
• W1549649791 creator A5075752466 @default.
• W1549649791 date "1971-01-01" @default.
• W1549649791 modified "2023-09-23" @default.
• W1549649791 title "The Political Economy of Money: Evolution and Impact of Monetarism in the Federal Reserve System" @default.
• W1549649791 cites W1502002723 @default.
• W1549649791 cites W1532597820 @default.
• W1549649791 cites W1559664981 @default.
• W1549649791 cites W1968880524 @default.
• W1549649791 cites W1978282661 @default.
• W1549649791 cites W2026427691 @default.
• W1549649791 cites W2034682077 @default.
• W1549649791 cites W2053375198 @default.
• W1549649791 cites W2068897567 @default.
• W1549649791 cites W3121144117 @default.
• W1549649791 cites W43800846 @default.
• W1549649791 cites W560424189 @default.
• W1549649791 cites W562096175 @default.
• W1549649791 doi "https://doi.org/10.22004/ag.econ.284447" @default.
• W1549649791 hasPublicationYear "1971" @default.
• W1549649791 type Work @default.
• W1549649791 sameAs 1549649791 @default.
• W1549649791 citedByCount "12" @default.
• W1549649791 countsByYear W15496497912013 @default.
• W1549649791 countsByYear W15496497912014 @default.
• W1549649791 crossrefType "posted-content" @default.
• W1549649791 hasAuthorship W1549649791A5075752466 @default.
• W1549649791 hasConcept C126285488 @default.
• W1549649791 hasConcept C13309458 @default.
• W1549649791 hasConcept C139719470 @default.
• W1549649791 hasConcept C162324750 @default.
• W1549649791 hasConcept C165556158 @default.
• W1549649791 hasConcept C189722922 @default.
• W1549649791 hasConcept C29185160 @default.
• W1549649791 hasConcept C2992735868 @default.
• W1549649791 hasConcept C54178654 @default.
• W1549649791 hasConcept C556758197 @default.
• W1549649791 hasConceptScore W1549649791C126285488 @default.
• W1549649791 hasConceptScore W1549649791C13309458 @default.
• W1549649791 hasConceptScore W1549649791C139719470 @default.
• W1549649791 hasConceptScore W1549649791C162324750 @default.
• W1549649791 hasConceptScore W1549649791C165556158 @default.
• W1549649791 hasConceptScore W1549649791C189722922 @default.
• W1549649791 hasConceptScore W1549649791C29185160 @default.
• W1549649791 hasConceptScore W1549649791C2992735868 @default.
• W1549649791 hasConceptScore W1549649791C54178654 @default.
• W1549649791 hasConceptScore W1549649791C556758197 @default.
• W1549649791 hasIssue "2" @default.
• W1549649791 hasLocation W15496497911 @default.
• W1549649791 hasOpenAccess W1549649791 @default.
• W1549649791 hasPrimaryLocation W15496497911 @default.
• W1549649791 hasRelatedWork W1490835948 @default.
• W1549649791 hasRelatedWork W1587353596 @default.
• W1549649791 hasRelatedWork W2006984290 @default.
• W1549649791 hasRelatedWork W2031456642 @default.
• W1549649791 hasRelatedWork W2062889816 @default.
• W1549649791 hasRelatedWork W2156695544 @default.
• W1549649791 hasRelatedWork W2302174875 @default.
• W1549649791 hasRelatedWork W40048283 @default.
• W1549649791 hasRelatedWork W43800846 @default.
• W1549649791 hasVolume "62" @default.
• W1549649791 isParatext "false" @default.
• W1549649791 isRetracted "false" @default.
• W1549649791 magId "1549649791" @default.
• W1549649791 workType "article" @default.