Monetary Policy in the Early 1980's

39 Pages Posted: 24 Aug 2012

See all articles by Robert L. Hetzel

Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: May 1, 1984

Abstract

The formulation and implementation of monetary policy is discussed for the period Oct. 1979 to Dec. 1983. Particular emphasis is placed upon understanding the operating procedures of the New York Desk. In this regard, two aspects are stressed. First, the way in which operating procedures derive endogenously from the nature of the monetary policy the Fed desires to implement. Second, the way in which the operating procedures adopted in Oct. 1979 became themselves a source of economic instability and contributed to cyclical behavior in market rates and the money supply.

Suggested Citation

Hetzel, Robert L., Monetary Policy in the Early 1980's (May 1, 1984). FRB Richmond Working Paper No. 84-1, Available at SSRN: https://ssrn.com/abstract=2120206 or http://dx.doi.org/10.2139/ssrn.2120206

Robert L. Hetzel (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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