Review

R. W. Hafer discusses the issues that influenced the policy decisions made by the Federal Open Market Committee (FOMC) last year. Hafer notes that policy decisions were influenced by the unpredicted decline in M1 velocity.

R. Alton Gilbert examines the effects of Regulation Q over the 53 years it was in effect. He concludes that, throughout its history, Regulation Q policy did not achieve the results intended for it.