Search Results

The Discount Rate and Market Interest Rates: What's the Connection? - Review

Discount rate changes invariably send newspaper reporters to the phone to call their favorite economist to ask the inevitable question: What will this do to market interest rates? The impact of discount rate changes on market interest rates apparently is the source of much public confusion and misunderstanding. 

research.stlouisfed.org/.../06/01/the-discount-rate-and-market-interest-rates-whats-the-connection

Good Intentions, Cheap Food and Counterpart Funds - Review

This article reviews U.S. agricultural price-support programs that provided an incentive for the production of bountiful harvests and huge amounts of surplus foods.

research.stlouisfed.org/.../review/1982/11/01/good-intentions-cheap-food-and-counterpart-funds

The Fed and the Real Rate of Interest - Review

During its last session, which ended on December 23, 1982, the 97th Congress considered several bills that were intended to achieve “balanced monetary policy.” Each bill proposed that the Federal Reserve focus its policy actions on the level of real interest rates as well as the quantity of money. 

research.stlouisfed.org/publications/review/1982/12/01/the-fed-and-the-real-rate-of-interest

The Puzzling Behavior of Business Loans in the Current Recession - Review

This article investigates whether the total funds raised by nonfinancial business firms have increased at an unusually rapid rate during this recession. 

research.stlouisfed.org/.../11/01/the-puzzling-behavior-of-business-loans-in-the-current-recession

Simple Analytics of the Money Supply Process and Monetary Control - Review

This article reviews three frequently suggested changes in Federal Reserve operating procedures to achieve more stable short-run monetary control: monetary base targeting, tying the discount rate to the market interest rate, and adopting a system of contemporaneous reserve accounting.

research.stlouisfed.org/.../01/simple-analytics-of-the-money-supply-process-and-monetary-control

The Mix of Monetary and Fiscal Policies: Conventional Wisdom Vs. Empirical Reality - Review

This article examines four dependent variables that seem relevant in any discussion of policy mix—nominal interest rates, real interest rates, the rate of output growth, and the investment ratio. 

research.stlouisfed.org/.../

The FOMC in 1981: Monetary Control in a Changing Financial Environment - Review

This article reviews the financial innovations and regulatory changes of 1981, the impact of these changes on the growth rates of the various monetary aggregates, and the annual policy objectives of the FOMC for the growth of various monetary aggregates. 

research.stlouisfed.org/.../the-fomc-in-1981-monetary-control-in-a-changing-financial-environment

Short-Run Money Growth Volatility: Evidence of Misbehaving Money Demand? - Review

The past two years have been anything but tranquil for the U.S. economy. Interest rates, for example, have been high and volatile. Twice during this period they rose to record levels. Two recessions have occurred during this brief period, one of which apparently still lingers. 

research.stlouisfed.org/.../short-run-money-growth-volatility-evidence-of-misbehaving-money-demand

The Three-Year Experience with the Community Reinvestment Act - Review

Credit is a scarce commodity. As lenders allocate available hinds on the basis of a variety of considerations, including price (interest rates), ability to repay, maturity of the loan, and costs of servicing, it is generally difficult for an outside observer to determine why one loan application is refused while an apparently similar one is accepted.

research.stlouisfed.org/.../02/01/the-three-year-experience-with-the-community-reinvestment-act

Monetary Policy and Stock Returns: Are Stock Markets Efficient? - Review

An efficient market is one that quickly processes all relevant information. This article provides further evidence on the timing of the relationship between monetary policy changes and stock returns by estimating models that express stock returns as functions of anticipated and unanticipated monetary policy measures. 

research.stlouisfed.org/.../03/01/monetary-policy-and-stock-returns-are-stock-markets-efficient