Economics, Econometrics and Finance
8 years ago

Federal Reserve's New Policy Sparks Interest Rate and Monetary Growth Variability

Journal of money credit and banking
Is the Federal Reserve's Monetary Control Policy Misdirected?
Robert H. Rasche, Allan H. Meltzer, Peter D. Sternlight, Stephen H. Axilrod

Paper Summary

The Federal Reserve changed how it controls the economy in 1979, but this led to more unpredictable interest rates and money growth. Experts debated why this happened and how to fix it in 1981.

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