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The Economic Consequences of Wage-Price Guidelines - Review

Voluntary wage and price guidelines have now been adopted as a major element in the government’s anti-inflation program. The pricing behavior of firms and wage demands of labor are considered by a large portion of the population to be incompatible with the social objective of reducing inflation. Restraint in wage and price movements is believed to be necessary. Monetary and fiscal restraint alone apparently have been judged as either not being able to accomplish this objective or as carrying too high a cost, in terms of lost output and employment.

research.stlouisfed.org/.../review/1978/12/01/the-economic-consequences-of-wage-price-guidelines

The FOMC in 1980: A Year of Reserve Targeting - Review

On October 6, 1979, the Federal Reserve announced the beginning of a new approach to the implementation of monetary policy it would attempt to achieve better control of the growth of the monetary aggregates by “placing greater emphasis in day-to-day operations on the supply of hank reserves and less emphasis on confining short-term fluctuations in the federal funds rate.” 

research.stlouisfed.org/.../review/1981/08/01/the-fomc-in-1980-a-year-of-reserve-targeting