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November/December 2013, 
Vol. 95, No. 6
Posted 2013-12-20

Confronting Monetary Policy Dilemmas: The Legacy of Homer Jones

by Beryl W. Sprinkel

The author first became acquainted with Homer when writing his thesis at the University of Chicago, and he found some of his writings to be particularly useful. When Homer later became Director of Research at the St. Louis Federal Reserve Bank, it was—like many things in life—not particularly momentous in itself, but the implications for monetary economics were certainly important. In his priceless style, Harry Johnson described Homer Jones as “…an oasis in the desert that Keynesian economics and concern with credit had made of the Federal Reserve System, [and] the last outpost of classical monetary civilization in a cancerous culture of barbarian bumptiousness.” Only an academic, of course, could say something like that—and about an era that fortunately has long passed at the Federal Reserve.