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March 1980

Posted 1980-03-01

The FOMC in 1979: Introducing Reserve Targeting

by Richard W. Lang

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. 

Posted 1980-03-01

The Dynamics and Estimation of Short-Run Money Demand

by R. W. Hafer and Scott E. Hein

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.