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1972—A Year of Rapid Economic Expansion - Review

The year 1972 can be considered an economic success from a number of viewpoints: Spending on goods and services rose markedly, which encouraged production to increase at a faster pace than productive capacity and employment to rise about double the growth rate of population of working force age. Total wages and salaries, after adjustment for price increases, went up faster than in any year in the past two decades—even more than in 1965 when they were bolstered by a sharp rise in military outlays. Real corporate profits, which declined during the inflationary period of 1965-71, also increased rapidly in 1972.

research.stlouisfed.org/.../review/1972/12/01/1972151a-year-of-rapid-economic-expansion

U.S. Balance-of-Payments Problems and Policies in 1971 - Review

The magnitude of the United States balance-of-payments deficit and concern about the effective operation of the international monetary system dominated thinking about U.S. payments problems and policies in 1971.

research.stlouisfed.org/.../1972/04/01/u-s-balance-of-payments-problems-and-policies-in-1971

The Outlook for Changes in Federal Taxation - Review

In a speech presented at the Annual Conference of College and University Professors, at the Federal Reserve Bank of St. Louis on November 3, 1972, the author noted that 1972 was "likely to be a year of substantial change in the federal tax system."

research.stlouisfed.org/.../review/1972/12/01/the-outlook-for-changes-in-federal-taxation

Operations of the Federal Reserve Bank of St. Louis—1971 - Review

The Federal Reserve Bank of St. Louis and its branches provide numerous services to member banks, the United States government, and the public. These service operations include collecting checks, maintaining member bank reserve accounts, transferring funds, distributing coin and currency, and acting as fiscal agent for the federal government.

research.stlouisfed.org/.../1972/02/01/operations-of-the-federal-reserve-bank-of-st-louis1511971

Projecting With the St. Louis Model: A Progress Report - Review

The St. Louis model was designed to project the general time path of response of certain key economic variables to monetary and fiscal actions.

research.stlouisfed.org/.../review/1972/02/01/projecting-with-the-st-louis-model-a-progress-report

A Critical Look at Monetarist Economics - Review

Until just a few years ago, the viewpoint which lately has come to be known as "monetarist" was not taken very seriously by anyone except a few dedicated disciples. Its central postulate that changes in the level of aggregate money income were due essentially to prior money stock changes—was viewed as a totally inadequate oversimplification, especially since the proponents of this approach failed to provide an adequately detailed explanation of the theoretical structure upon which this tenet was based.

research.stlouisfed.org/.../publications/review/1972/01/01/a-critical-look-at-monetarist-economics

The Economy in 1972 - Review

Although most projections of the pace of economic activity this year are quite optimistic, uncertainty continues to cloud the 1972 economic horizon. With unemployment still high by historical standards, many people remain concerned about their ability either to obtain a job to their liking or to retain their present one.

research.stlouisfed.org/publications/review/1972/02/01/the-economy-in-1972

Monetary Expansion and Federal Open Market Committee Operating Strategy in 1971 - Review

The primary policy objective of the Federal Reserve System in 1971 was to continue progress toward expansion of real output and employment coupled with a slowing in inflation. The major policy instrument used in pursuit of this objective was open market operations.

research.stlouisfed.org/.../