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March/April 2005, Part 2, 
Vol. 87, No. 2
Posted 2005-04-15

Aftermath of the Monetarist Clash with the Federal Reserve Before and During the Volcker Era

by Anna J. Schwartz

The author reviews past monetarist strictures (Shadow Open Market Committee, 1974-1982) and whether current Federal Reserve practice provides a satisfactory response to them.