Monetary Policy in the Early 1980s

Economic Review, Vol. 72, No. 2, March/April 1986, pp. 20-32

13 Pages Posted: 24 Oct 2012

See all articles by Robert L. Hetzel

Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

Abstract

On October 6, 1979, the Federal Reserve System changed its operating procedures in order to enhance its control of the money supply. The new procedures, which employed targets for nonborrowed reserves, remained in force until the fall of 1982. Though the Fed itself never characterized its policy as monetarist, it has been widely argued outside the Federal Reserve that the new procedures constituted a “monetarist” experiment. It has also been contended that the attempt by the Fed to control the money supply through reserve targeting was unsuccessful.

Suggested Citation

Hetzel, Robert L., Monetary Policy in the Early 1980s. Economic Review, Vol. 72, No. 2, March/April 1986, pp. 20-32, Available at SSRN: https://ssrn.com/abstract=2120548

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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