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February 1980

Posted 1980-02-01

On the Costs and Benefits of Anti-Inflation Policies

by Laurence H. Meyer and Robert H. Rasche

This article develops three views of the dynamics of inflation and unemployment: the expectations-augmented Phillips curve model, a monetarist model of the relation of monetary change to both inflation and unemployment, and a rational expectations model.

Posted 1980-02-01

Access to the Discount Window for All Commercial Banks: Is It Important for Monetary Policy?

by R. Alton Gilbert

This article takes an indirect approach to determining whether nonmember banks have greater reserve management difficulties due to lack of access to the discount window.

Posted 1980-02-01

The New Monetary Aggregates

by R. W. Hafer

A number of major financial innovations over the last decade have changed the composition of assets used by the public to make payments. Examples include the introduction of negotiable orders of withdrawal (NOW accounts), the implementation of automatic transfer systems whereby funds from savings accounts can be automatically transferred to checkable deposits, the growing use of money market mutual funds as substitutes for conventional savings accounts, and the dramatic growth in repurchase agreements.