Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

P.O. Box 27622

Richmond, VA 23261

United States

SCHOLARLY PAPERS

59

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5,062

SSRN CITATIONS
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Top 4,466

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11

CROSSREF CITATIONS

232

Scholarly Papers (59)

1.

The Contributions of Milton Friedman to Economics

FRB Richmond Economic Quarterly, vol. 93, no. 1, Winter 2007, pp. 1-30
Number of pages: 30 Posted: 09 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 636 (42,038)

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2.

Monetary Policy in the 2008-2009 Recession

FRB Richmond Economic Quarterly, Vol. 95, No. 2, Spring 2009, pp. 201-233
Number of pages: 33 Posted: 13 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 504 (56,766)

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3.

How Do Central Banks Control Inflation?

FRB Richmond Economic Quarterly, vol. 90, no. 3, Summer 2004, pp. 47-63
Number of pages: 17 Posted: 05 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 482 (60,037)

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4.

Government Intervention in Financial Markets: Stabilizing or Destabilizing?

Financial Market Regulation in the Wake of Financial Crises: The Historical Experience Conference p. 207, 2009
Number of pages: 18 Posted: 08 Jul 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 353 (86,914)

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5.

Too Big to Fail: Origins, Consequences, and Outlook

FRB Richmond Economic Review, vol. 77, no. 6, November/December 1991, pp. 3-15
Number of pages: 13 Posted: 06 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 266 (118,335)

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Should Greece Remain in the Eurozone?

FRB Richmond Working Paper No. 15-04R
Number of pages: 32 Posted: 05 May 2015 Last Revised: 06 Aug 2015
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 183 (169,825)

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Should Greece Remain in the Eurozone?

FRB Economic Quarterly, Vol. 100, No. 3, Third Quarter 2014, pp. 241-278
Number of pages: 38 Posted: 21 Aug 2015
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 49 (410,611)

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7.

German Monetary History in the Second Half of the Twentieth Century: From the Deutsche Mark to the Euro

FRB Richmond Economic Quarterly, vol. 88, no. 2, Spring 2002, pp. 29-64
Number of pages: 36 Posted: 02 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 186 (167,399)

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8.

The Taylor Rule: Is It a Useful Guide to Understanding Monetary Policy?

FRB Richmond Economic Quarterly, Vol. 86, No. 2, Spring 2000, pp. 1-33
Number of pages: 33 Posted: 28 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 186 (167,399)

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9.

German Monetary History in the First Half of the Twentieth Century

FRB Richmond Economic Quarterly, vol. 88, no. 1, Winter 2002, pp. 1-35
Number of pages: 35 Posted: 02 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 185 (168,221)

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10.

The Monetarist-Keynesian Debate and the Phillips Curve: Lessons from the Great Inflation

FRB Economic Quarterly, Vol. 99, No. 2, Second Quarter 2013, pp. 83-116, Federal Reserve Bank of Richmond Research Paper
Number of pages: 34 Posted: 29 May 2014
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 133 (222,303)

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11.

Japanese Monetary Policy and Deflation

FRB Richmond Economic Quarterly, Vol. 89, No. 3, Summer 2003, pp. 21-52
Number of pages: 32 Posted: 05 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 123 (235,994)

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12.

Arthur Burns and Inflation

FRB Richmond Economic Quarterly, vol. 84, no. 1, Winter 1998, pp. 21-44
Number of pages: 24 Posted: 21 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 118 (243,375)
Citation 1

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13.

Henry Thornton: Seminal Monetary Theorist and Father of the Modern Central Bank

FRB Richmond Economic Review, vol. 73, no. 4, July/August 1987, pp. 3-16
Number of pages: 14 Posted: 27 Oct 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 104 (266,058)

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14.

A Monetarist Critique of ECB Monetary Policy in the Great Recession

FRB Richmond Working Paper No. 13-07R
Number of pages: 25 Posted: 17 Jul 2013 Last Revised: 22 Nov 2014
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 92 (288,581)
Citation 1

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15.

Money, Banking, and Monetary Policy from the Formation of the Federal Reserve Until Today

FRB Richmond Working Paper No. 16-1
Number of pages: 27 Posted: 16 Mar 2016
Robert L. Hetzel and Gary Richardson
Federal Reserve Banks - Federal Reserve Bank of Richmond and University of California at Irvine
Downloads 87 (298,769)

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16.

The Evolution of U.S. Monetary Policy

FRB Richmond Working Paper No. 18-1
Posted: 08 Jan 2018 Last Revised: 07 Apr 2018
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 86 (300,989)

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federal reserve, monetary policy

17.

The Treasury-Fed Accord: A New Narrative Account

FRB Richmond Economic Quarterly, vol. 87, no. 1, Winter 2001, pp. 33-56
Number of pages: 24 Posted: 02 Dec 2012
Robert L. Hetzel and Ralph Leach
Federal Reserve Banks - Federal Reserve Bank of Richmond and affiliation not provided to SSRN
Downloads 82 (309,961)
Citation 4

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18.

The Rules versus Discretion Debate Over Monetary Policy in the 1920s

Economic Review, vol. 71, no. 6, November/December 1985, pp. 3-14
Number of pages: 12 Posted: 23 Oct 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 82 (309,961)

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19.

What Caused the Great Recession in the Eurozone?

FRB Richmond Working Paper No. 16-10
Number of pages: 34 Posted: 25 Aug 2016
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 79 (316,865)

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20.

Price Stability and Japanese Monetary Policy

FRB Richmond Working Paper No. 04-01
Number of pages: 47 Posted: 04 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 62 (361,769)

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Japanese monetary policy, Bank of Japan, deflation, liquidity trap

21.

A Monetarist Money Demand Function

FRB Richmond Economic Review, Vol. 70, No. 6, November/December 1984, pp. 15-19
Number of pages: 5 Posted: 24 Aug 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 62 (361,769)

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22.

What Remains of Milton Friedman's Monetarism?

FRB Richmond Working Paper No. 17-9
Posted: 24 Jul 2017 Last Revised: 24 Oct 2017
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 59 (370,730)

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monetary policy, Milton Friedman

23.

The Formulation of Monetary Policy

FRB Richmond Working Paper No. 84-2
Number of pages: 25 Posted: 24 Aug 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 58 (373,788)
Citation 1

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24.

Does Monetarism Retain Relevance?

FRB Richmond Economic Quarterly, vol. 98, no. 2, Second Quarter 2012, pp. 77-110
Number of pages: 34 Posted: 20 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 57 (377,000)

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25.

Japanese Monetary Policy: A Quantity Theory Perspective

FRB Richmond Economic Quarterly, vol. 85, no. 1, Winter 1999, pp. 1-25
Number of pages: 25 Posted: 26 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 53 (389,952)
Citation 2

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26.

A Quantity Theory Framework for Monetary Policy

FRB Richmond Economic Quarterly, vol. 79, no. 3, Summer 1993, pp. 35-47
Number of pages: 13 Posted: 09 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 47 (410,526)

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27.

Indexed Bonds as an Aid to Monetary Policy

FRB Richmond Economic Review, Vol. 78, No. 1, January/February 1992, pp. 13-23
Number of pages: 11 Posted: 07 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 46 (414,256)

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28.

The Case for a Monetary Rule in a Constitutional Democracy

FRB Richmond Economic Quarterly, Vol. 83, No. 2, Spring 1997, pp. 45-66
Number of pages: 21 Posted: 19 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 37 (449,935)

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29.

The Real Bills Views of the Founders of the Fed

FRB RIchmond Economic Quarterly, vol. 100, no. 2, Second Quarter 2014, pp. 159-181
Number of pages: 23 Posted: 31 Jul 2015
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 29 (486,822)

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30.

After the Accord: Reminiscences on the Birth of the Modern Fed

FRB Richmond Economic Quarterly, vol. 87, no. 1, Winter 2001, pp. 57-64
Number of pages: 8 Posted: 02 Dec 2012
Robert L. Hetzel and Ralph Leach
Federal Reserve Banks - Federal Reserve Bank of Richmond and affiliation not provided to SSRN
Downloads 28 (492,035)
Citation 2

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31.

Sterilized Foreign Exchange Intervention: The Fed Debate in the 1960s

FRB Richmond Economic Quarterly, vol. 82, no. 2, Spring 1996, pp. 21-46
Number of pages: 26 Posted: 17 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 28 (492,035)

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32.

M2 and Monetary Policy

FRB Richmond Economic Review, Vol. 75, No. 5, September/October 1989, pp. 14-29
Number of pages: 16 Posted: 02 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 28 (492,035)

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33.

What is the Monetary Standard

FRB Richmond Working Paper No. 15-16
Number of pages: 29 Posted: 06 Jan 2016
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 25 (508,453)

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34.

The Free Trade Debate: The Illusion of Security versus Growth

FRB Richmond Economic Quarterly, vol. 80, no. 2, Spring 1994, pp. 39-58
Number of pages: 20 Posted: 14 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 25 (508,453)

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35.

Should Increased Regulation of Bank Risk-Taking Come from Regulators or from the Market?

FRB Richmond Economic Quarterly, Vol. 95, No. 2, Spring 2009, pp. 161-200
Number of pages: 40 Posted: 13 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 24 (514,189)
Citation 1

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36.

What is the Monetary Standard, or, How Did the Volcker-Greenspan FOMCs Tame Inflation?

FRB Richmond Economic Quarterly, Vol. 94, No. 2, Spring 2008, pp. 147-171
Number of pages: 25 Posted: 11 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 24 (514,189)

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37.

A Critique of Theories of Money Stock Determination

Federal Reserve Bank of Richmond Working Paper No. 86-6
Number of pages: 33 Posted: 24 Oct 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 23 (519,985)

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38.

The Cause of the Dollar Depreciation

FRB Richmond Economic Review, Vol. 64, No. 3, May/June 1978, pp. 15-27
Number of pages: 13 Posted: 24 Aug 2012
Robert L. Hetzel and Thomas Lawler
Federal Reserve Banks - Federal Reserve Bank of Richmond and affiliation not provided to SSRN
Downloads 23 (519,985)

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39.

Monetary Policy in the Early 1980s

Economic Review, Vol. 72, No. 2, March/April 1986, pp. 20-32
Number of pages: 13 Posted: 24 Oct 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 22 (525,952)

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40.

Monetary Policy in the Early 1980's

FRB Richmond Working Paper No. 84-1
Number of pages: 39 Posted: 24 Aug 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 22 (525,952)

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41.

A Proposal to Clarify the Objectives and Strategy of Monetary Policy

FRB Richmond Working Paper No. 16-11
Posted: 02 Dec 2016
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 21 (531,856)

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42.

What Difference Would an Inflation Target Make?

FRB Richmond Economic Quarterly, vol. 91, no. 2, Spring 2005, pp. 45-72
Number of pages: 28 Posted: 06 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 20 (537,787)

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43.

Maintaining Price Stability: A Proposal

FRB Richmond Economic Review, vol. 76, no. 2, March/April 1990, pp. 53-55
Number of pages: 3 Posted: 03 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 20 (537,787)

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44.

The Quantity Theory Tradition and the Role of Monetary Policy

FRB Richmond Economic Review, Vol. 67, No. 3, May/June 1981, pp. 19-26
Number of pages: 8 Posted: 24 Aug 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 20 (537,787)

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45.

The Monetary Responsibilities of a Central Bank

FRB Richmond Economic Review, vol. 74, no. 5, September/October 1988, pp. 19-28
Number of pages: 13 Posted: 31 Oct 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 19 (543,988)

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46.

How Useful is M2 Today?

FRB Richmond Economic Review, Vol. 78, No. 5, September/October 1992, pp. 12-16
Number of pages: 15 Posted: 07 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 18 (550,055)

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47.

Free Enterprise and Central Banking in Formerly Communist Countries

FRB Richmond Economic Review, vol. 76, no. 3, May/June 1990, pp. 13-19
Number of pages: 7 Posted: 03 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 17 (556,174)

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48.

A Primer on the Importance of the Money Supply

FRB Richmond Economic Review, Vol. 63, No. 5, September/October 1977, pp. 3-13
Number of pages: 11 Posted: 24 Aug 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 16 (562,080)

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49.

Allan Meltzer: How He Underestimated His Own Contribution to the Modern Concept of a Central Bank

FRB Richmond Working Paper No. 18-2
Number of pages: 11 Posted: 11 Jan 2018 Last Revised: 07 Apr 2018
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 15 (568,273)

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federal reserve system, central bank, monetary policy

50.

Making the Systematic Part of Monetary Policy Transparent

FRB Richmond Economic Quarterly, vol. 92, no. 3, Summer 2006, pp. 255-290
Number of pages: 36 Posted: 08 Dec 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 15 (568,273)

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51.

A Shift-Adjusted M2 Indicator for Monetary Policy

FRB Richmond Economic Quarterly, vol. 80, no. 3, Summer 1994, pp. 25-47
Number of pages: 23 Posted: 14 Nov 2012
Robert L. Hetzel and Robert Darin
Federal Reserve Banks - Federal Reserve Bank of Richmond and Independent
Downloads 14 (574,646)

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52.

An Empirical Measure of the Real Rate of Interest

FRB Richmond Economic Quarterly, vol. 81, no. 1, Winter 1995, pp. 17-47
Number of pages: 31 Posted: 15 Nov 2012
Robert Darin and Robert L. Hetzel
Independent and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 12 (587,646)

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53.

A Mandate for Price Stability

FRB Richmond Economic Review, vol. 76, no. 2, March/April 1990, pp. 45-53
Number of pages: 9 Posted: 03 Nov 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 10 (600,607)

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54.

The Relationship between Money and Expenditure in 1982

FRB Richmond Economic Review, Vol. 69, No. 3, May/June 1983, pp. 11-19
Number of pages: 9 Posted: 24 Aug 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 10 (600,607)

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55.

Predicting the Rate of Inflation in 1976

FRB Richmond Economic Review, Vol. 62, January/February 1976, pp. 13-18
Number of pages: 6 Posted: 24 Aug 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 10 (600,607)

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56.

Rules vs. Discretion Revisited: A Proposal to Make the Strategy of Monetary Policy Transparent

Mercatus Research Paper
Number of pages: 53 Posted: 16 Jul 2019
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 9 (607,220)

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Federal Reserve System, rules versus discretion, FOMC

57.

The Behavior of the M1 Demand Function in the Early 1980s

FRB Richmond Economic Review, Vol. 70, No. 6, November/December 1984, pp. 20-29
Number of pages: 10 Posted: 24 Aug 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 9 (607,220)
Citation 2

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58.

The October 1979 Regime of Monetary Control and the Behavior of the Money Supply in 1980

FRB Richmond Economic Review, Vol. 68, No. 4, July/August 1982, pp. 3-15
Number of pages: 13 Posted: 24 Aug 2012
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 7 (620,570)

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59.

World Recession: What Went Wrong?

Economic Affairs, Vol. 29, No. 3, pp. 17-21, September 2009
Number of pages: 5 Posted: 08 Oct 2009
Robert L. Hetzel
Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 2 (658,500)
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