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April 1980

Posted 1980-04-01

The Formation of Inflation Expectations

by David H. Resler

Posted 1980-04-01

Money, Inflation, and Economic Growth: Some Updated Reduced Form Results and Their Implications

by Keith M. Carlson

Posted 1980-04-01

Stabilization Policies: Lessons from the '70s and Implications for the '80s:

Foreword

by Laurence H. Meyer

Posted 1980-04-01

Section I: Stabilization Policies: Theoretical and Empirical Issues:

Section I: Complete File

Posted 1980-04-01

Section I: Stabilization Policies: Theoretical and Empirical Issues:

Recent Developments in the Theory of Stabilization Policy

by John B. Taylor

John B. Taylor focuses on current theoretical work on the response of output and employment to changes in aggregate demand. He distinguishes between two approaches: information—based theories in which uncertainties about economy—wide disturbances are emphasized, and contract-based theories in which temporary rigidities in wages and prices are emphasized.

Posted 1980-04-01

Section I: Stabilization Policies: Theoretical and Empirical Issues:

Empirical Evidence on the Effects of Stabilization Policy

by Laurence H. Meyer and Robert H. Rasche

Laurence H. Meyer and Robert H. Rasche begin with a survey of monetary and fiscal multipliers, which are examined both across various large-scale macroeconometric models and simple reduced forms, and over time, to assess the degree of consensus and the nature of the evolution in policy multipliers as the various macroeconometric models have been refined.

Posted 1980-04-01

Section I: Stabilization Policies: Theoretical and Empirical Issues:

Discussion of the Meyer-Rasche and Taylor Papers

by Neil Wallace

Posted 1980-04-01

Section I: Stabilization Policies: Theoretical and Empirical Issues:

Discussion of the Taylor Paper

by Hyman Minsky

Posted 1980-04-01

Section II: Stabilization Policies: Critique of the '70s and Preview of the '80s:

Section II: Complete File

Posted 1980-04-01

Section II: Stabilization Policies: Critique of the '70s and Preview of the '80s:

The Case for Gradualism in Policies to Reduce Inflation

by Allan H. Meltzer

Allan H. Meltzer rejects as myth the view that the current inflation has its roots in the Vietnam War era deficits. Instead, Meltzer states that the proximate source of the current inflation is the monetary policy of the early 1960s and that inflation persists because monetary policy continues to sustain anticipations of future inflation.

Posted 1980-04-01

Section II: Stabilization Policies: Critique of the '70s and Preview of the '80s:

Federal Budget Policies of the 1970s: Some Lessons for the 1980s

by Michael E. Levy

Michael E. Levy is critical of monetarist explanations of the persistent inflation of the last decade and a half. While recognizing the important role of monetary change in the inflation process, Levy argues that monetarist explanations, such as that provided in the previous papers by Allan Meltzer, fail to take the analysis far enough.

Posted 1980-04-01

Section II: Stabilization Policies: Critique of the '70s and Preview of the '80s:

Discussion of the Levy and Meltzer Papers

by William Poole

Posted 1980-04-01

Section II: Stabilization Policies: Critique of the '70s and Preview of the '80s:

Discussion of the Levy and Meltzer Papers

by Albert E. Burger

Posted 1980-04-01

Section III: Stabilization Policies: International Aspects:

Section III: Complete File

Posted 1980-04-01

Section III: Stabilization Policies: International Aspects:

Flexible Exchange Rates in the 1970s

by Jacob A. Frenkel

Jacob Frenkel sets forth the way in which the asset market or monetary approach to exchange rate determination helps to explain flexible exchange rates, particularly the observed volatility in exchange rates and the relation between exchange rates and both domestic and foreign interest rates and price levels.

Posted 1980-04-01

Section III: Stabilization Policies: International Aspects:

International Stabilization Policy Under Flexible Exchange Rates

by H. Robert Heller

H. Robert Heller outlines the adverse effects that the move to flexible exchange rates has had on international trade, international capital movements, and foreign investment. He takes the position that the increased uncertainty about exchange rate fluctuations has resulted in a significant increase in costs to the business sector and that the adverse effect of this uncertainty has been particularly evident in the decreased willingness of investors to undertake direct investment and long-term construction activity abroad.

Posted 1980-04-01

Section III: Stabilization Policies: International Aspects:

Flexible Exchange Rates and Monetary Policy: A Discussion of the Frenkel and Heller Papers

by David Laidler

Posted 1980-04-01

Section III: Stabilization Policies: International Aspects:

Floating Exchange Rates in the 1970s: A Discussion of the Heller Paper

by Geoffrey E. Wood

Posted 1980-04-01

Luncheon Address:

Monetary Policy for the 1980s

by Lawrence Roos

Lawrence K. Roos, president of the Federal Reserve Bank of St. Louis, describes what he termed the “shortcomings” of the past monetary policy actions and announces his enthusiastic support for the Feds recently announced change in the method by which future monetary policy will be conducted.


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