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January 1979

Posted 1979-01-01

The "Danger" From Foreign Ownership of U.S. Farmland

by Clifton B. Luttrell

There has been renewed concern in recent months about purchases by foreign citizens of farmland in the United States. In addition to numerous newspaper and magazine articles on such purchases, the U.S. Congress and a number of state legislatures have become concerned with the subject. 

Posted 1979-01-01

Disintermediation: An Old Disorder With A New Remedy

by R. Alton Gilbert and Jean M. Lovati

In the summer of 1977, yields on short-term U.S. Treasury bills rose above the maximum interest rates that commercial banks and most thrift institutions are legally permitted to pay on passbook savings deposits.

Posted 1979-01-01

Operations of the Federal Reserve Bank of St. Louis—1978

by A. Clifford Saxton, Jr.

This report reviews the operations of the Federal Reserve Bank of St. Louis during calendar year 1978. The Federal Reserve Bank of St. Louis, together with state banking authorities, has responsibility for the supervision of 71 state-chartered banks in the Eighth District which have elected to become members of the Federal Reserve System.

Posted 1979-01-01

Alternative Policies to Combat Inflation:

Foreword

by Murray L. Weidenbaum

This forward outlines the articles presented in this conference issue.

Posted 1979-01-01

Keynote Address:

The Commitment to Permanent Information

by Karl Brunner

Waves of inflation that have swept over the U.S. since 1965 have been answered each time, by design or accident, with substantially lowered monetary growth. 

Posted 1979-01-01

Major Papers:

Inflation—Causes, Cures and Placebos

by Beryl M. Sprinkel

The solution to breaking the inflation-recession cycle with its ever-increasing peaks and valleys is conceptually simple: Conduct our nation’s financial affairs in a manner designed to increase total spending in line with the increase in total production. 

Posted 1979-01-01

Major Papers:

TIP for Inflation: Why and How

by Sidney Weintraub

Tax-based incomes policy (TIP) is designed to levy an extra corporate penalty income tax on firms that exceed a governmentally determined average rate for wage and salary increases. 

Posted 1979-01-01

Major Papers:

Inflation: Imperfect Markets and Government Policy

by Robert R. Nathan

The author supports President Carter’s inflation proposals except for the degree of harshness of the monetary restraints. He sees the tight money proposals as increasing the odds of a recession but doing little to reduce inflation. 

Posted 1979-01-01

Supplemental Papers:

Reconciling Monetary Policy and the Institutional Structure

by Murray L. Weidenbaum

Most of the critics of the monetarist approach to fighting inflation are on the left, advocating various extensions of government power over private wage and price decisions. The author’s own inclination is to tilt to the right, and this critique is aimed from that end of the policy spectrum. 

Posted 1979-01-01

Supplemental Papers:

The Government's Stake in Economic Instability

by Paul Craig Roberts

From the perspective of social welfare maximization, we see the government doing all the wrong things. But what looks like failures from this perspective may not look like failures to the government itself. It may see successes because, if you think about it, economic instability expands the role of government. 

Posted 1979-01-01

Discussion Papers:

Comments on "Inflation—Causes, Cures and Placebos"

by Charles Webster

Charles Webster notes that Beryl M. Sprinkel sees as a primary cause of the current inflation the large and growing federal deficits that have made the job of limiting the growth of the money supply more difficult.

Posted 1979-01-01

Discussion Papers:

Comments on "TIP for Inflation: Why and How"

by Denis S. Karnosky

Denis S. Karnosky notes that Sidney Weintraub has presented a proposal that emphasizes Weintraub’s concern about the seriousness of the current inflation and the continuing failure of the national authorities to correct the situation.