Much of my published research during that period dealt with formal control- theoretic models of monetary policy but some of it attempted to measure these changes and showed that monetary policy reactions to the state of the economy were not stable over time.
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Even during this early period I suggested reforms which might reduce the resulting instability in the economy. For example, my article in the Journal of Political Economy suggested systematic penalties Federal Reserve officials who failed to meet the goal of monetary stability by tying their budgets or salaries inversely to the rate of inflation.
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Springer-Verlag New York Inc. Ideo- logical changes accompanied institutional changes.
Exchange Market Pressure and Monetary Policy : Evidence from Pakistan
We examine whether and how thes changes mattered for post-Depression monetary policy. With regard to the period , the tools of Fed policy, but not its goals or tactics, changed. But structural reforms weakened the Federal Reserve relative to the Treasury, and removed a key limit on the monetization of government debt.
The increased power of the Treasury to determine the direction of policy, along with the departure from gold and the new ment debt produced a new albeit small inflationary bias in monetary policy that lasted until the Treasury-Fed Accord of The Fed regained some independence with the Accord of The Fed returned to its traditional pre-Depression operating methods, and the procyclical bias in these procedures--along with pressures to monetize government debt--explains how the Fed stumbled into an inflationary policy in the s.
FOMC: Trust Us, Funding Pressures Don’t Really Matter
Depression-era changes--especially the departure from the gold standard in and the relaxation of an important constraint on deficit monetization in made this inflationary policy error possible, and contributed to the persistence of inflationary policy. Published: Calomiris, Charles W. Edited by Michael D.
Bordo, Claudia Goldin, and Eugene N. White, Chicago. The University of Chicago Press, , pp.
Related The Pressures on American Monetary Policy
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