Search Results

Will Capital Reflows Induce Domestic Interest Rate Changes? - Review

The evaluation of the performance of the U.S. economy in 1971 frequently has placed considerable emphasis on the impact of international capital flows on U.S. interest rates, especially Treasury bill rates.

research.stlouisfed.org/.../1972/07/01/will-capital-reflows-induce-domestic-interest-rate-changes

The Federal Open Market Committee in 1973 - Review

At all but one meeting throughout the first eight months of 1973, the Federal Open Market Committee (FOMC) issued a directive calling for slower growth in monetary aggregates. During the last two meetings of the year, with information on the likely consequence of the oil shortage continuing to be assessed, the Committee sought “to achieve some easing in bank reserve and money market conditions.”

research.stlouisfed.org/.../review/1974/04/01/the-federal-open-market-committee-in-1973

The Mechanics of Intervention in Exchange Markets - Review

On January 4, 1978 the Treasury and the Federal Reserve System, in conjunction with the Exchange Stabilization Fund, announced that they would intervene in foreign exchange markets to prevent a speculative decline in the international value of the U.S. dollar. This announcement has been happily received by European and Japanese central banks and has elicited lively discussion in the news media. The stated purpose of intervention is to eliminate “speculative” swings in the value of the dollar. But it is also clear that if such speculation has indeed affected the value of the dollar, it has been unidirectional for the past nine months as the international value of the dollar has been declining steadily and, at times, precipitously.

research.stlouisfed.org/.../review/1978/02/01/the-mechanics-of-intervention-in-exchange-markets

How Controllable is Money Growth - Review

It is becoming increasingly popular to assert that money growth cannot be controlled and, therefore, that monetary policy should stop targeting monetary growth and try to control other variables that may affect economic activity and the rate of inflation. 

research.stlouisfed.org/publications/review/1981/04/01/how-controllable-is-money-growth

Eurodollars and the U.S. Monetary Supply - Review

This article addresses the relationship between the Eurodollar market and monetary control. It assumes throughout that the Federal Reserve System does not engage in Eurodollar transactions or alter its monetary policy as a result of such transactions.

research.stlouisfed.org/.../publications/review/1980/06/01/eurodollars-and-the-u-s-monetary-supply

The New Look for the Balance of Payments - Review

The recent revision by the Department of Commerce in the presentation of balance-of-payments statistics reflects the results of a review begun last year. The Interagency Committee on Balance of Payments Statistics, convened by the Office of Management and Budget, conducted the project as a response to increasing dissatisfaction in Government, business, and academic circles with the previous presentation of the statistics, and with an analysis which focused primarily on the liquidity balance and the official reserve transactions balance.

research.stlouisfed.org/.../review/1971/08/01/the-new-look-for-the-balance-of-payments

Derivation of the Monetary Base - Review

Although the monetary base has been a key concept in monetary analysis for two decades, its use has been primarily restricted to the monetary systems of industrial nations. Specifically, the base as constructed and measured in the United States has tended to be applied with some modifications to other economies. This article is an attempt to establish a general definition of a monetary base applicable to all relevant institutional structures and to provide guidelines for the identification and measurement of the base.

research.stlouisfed.org/publications/review/1976/11/01/derivation-of-the-monetary-base