Search Results

Automatic Transfers and the Money Supply Process - Review

Since November 1, 1978, commercial banks have been permitted to offer a new type of individual savings account from which funds are transferred automatically into a checking account. This automatic transfer service (ATS) enables individual customers to earn interest on funds which previously would have been held in their checking accounts. The use of these new ATS accounts affects the payments system and the money supply process.

research.stlouisfed.org/.../review/1979/02/02/automatic-transfers-and-the-money-supply-process

Evidence on the Temporal Stability of the Demand for Money Relationship in the United States - Review

This article provides a critical review of the existing evidence on the issue of the temporal stability of the money demand relationship. Various money demand specifications are examined in terms of their dynamic out-of-sample predictive ability over the post-1972 period and more formally through the use of the Brown-Durbin-Evans cusum-squares tests. 

research.stlouisfed.org/.../

The FOMC in 1978: Clarifying the Role of the Aggregates - Review

In its policy deliberations in 1978, the Federal Open Market Committee (FOMC) clarified the roles that the monetary aggregates play in policy considerations in two respects. The interpretation and emphasis to be placed on the FOMC’s two-month growth ranges of the monetary aggregates were clarified by changes in the wording of the domestic policy directive. 

research.stlouisfed.org/.../1979/03/01/the-fomc-in-1978-clarifying-the-role-of-the-aggregates

The Commitment to Permanent Information - Review

Waves of inflation that have swept over the U.S. since 1965 have been answered each time, by design or accident, with substantially lowered monetary growth. 

research.stlouisfed.org/.../publications/review/1979/01/01/the-commitment-to-permanent-information