The FOMC in 1979: Introducing Reserve Targeting
Major changes in the implementation of monetary policy occurred in 1979. This article discusses these changes and summarizes the decisions of the Federal Open Market Committee in 1979.
Major changes in the implementation of monetary policy occurred in 1979. This article discusses these changes and summarizes the decisions of the Federal Open Market Committee in 1979.
A stable money demand function is crucial to the formation and implementation of effective monetary policy. Consequently, recent findings of temporal instability in this relationship have concerned both policymakers and economists.
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