The Resource Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986
Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986
Resource Information
The item Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986 represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Bowdoin College Library.This item is available to borrow from 1 library branch.
Resource Information
The item Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986 represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Bowdoin College Library.
This item is available to borrow from 1 library branch.
- Summary
- From the 1960s to the 1980s, the Federal Reserve Bank of St. Louis played an important and highly visible role in the development and advocacy of stabilization policy based on the targeting of monetary aggregates. Research conducted at the St. Louis Bank extended earlier monetarist analysis that had focused on the role of money in explaining economic activity in the long run. Their success in finding apparently robust, stable relationships in both long- and short-run data led monetarists to apply long-run propositions to short-run policy questions, effectively competing with alternative views of the time. When the short-run correlation between money and economic activity went astray in the early 1970s, however, the efficacy of the monetarist rule and appeals for targeting monetary aggregates to achieve economic stabilization quickly lost credibility. This article traces the evolution of monetary policy research at the Federal Reserve Bank of St. Louis as it moved from the identification of long-run relationships between money and economic activity toward short-run policy analysis. The authors show how monetarists were lulled into advocating a short-run stabilization policy and argue that this experience counsels against overconfidence in our ability to identify infallible rules for conducting short-run stabilization policy in general
- Note
-
- 1968--1986
- 1235
- Label
- Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986
- Title
- Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986
- Summary
- From the 1960s to the 1980s, the Federal Reserve Bank of St. Louis played an important and highly visible role in the development and advocacy of stabilization policy based on the targeting of monetary aggregates. Research conducted at the St. Louis Bank extended earlier monetarist analysis that had focused on the role of money in explaining economic activity in the long run. Their success in finding apparently robust, stable relationships in both long- and short-run data led monetarists to apply long-run propositions to short-run policy questions, effectively competing with alternative views of the time. When the short-run correlation between money and economic activity went astray in the early 1970s, however, the efficacy of the monetarist rule and appeals for targeting monetary aggregates to achieve economic stabilization quickly lost credibility. This article traces the evolution of monetary policy research at the Federal Reserve Bank of St. Louis as it moved from the identification of long-run relationships between money and economic activity toward short-run policy analysis. The authors show how monetarists were lulled into advocating a short-run stabilization policy and argue that this experience counsels against overconfidence in our ability to identify infallible rules for conducting short-run stabilization policy in general
- http://library.link/vocab/creatorName
-
- Hafer, R.W
- Inter-university Consortium for Political and Social Research [distributor]
- http://library.link/vocab/relatedWorkOrContributorName
- Wheelock, David C.
- Label
- Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986
- Note
-
- 1968--1986
- 1235
- Control code
- ICPSR01235.v1
- Governing access note
- Access restricted to subscribing institutions
- Label
- Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986
- Note
-
- 1968--1986
- 1235
- Control code
- ICPSR01235.v1
- Governing access note
- Access restricted to subscribing institutions
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.bowdoin.edu/portal/Rise-and-Fall-of-a-Policy-Rule-Monetarism-at-the/OxbsxIdA_IY/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.bowdoin.edu/portal/Rise-and-Fall-of-a-Policy-Rule-Monetarism-at-the/OxbsxIdA_IY/">Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.bowdoin.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.bowdoin.edu/">Bowdoin College Library</a></span></span></span></span></div>
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.bowdoin.edu/portal/Rise-and-Fall-of-a-Policy-Rule-Monetarism-at-the/OxbsxIdA_IY/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.bowdoin.edu/portal/Rise-and-Fall-of-a-Policy-Rule-Monetarism-at-the/OxbsxIdA_IY/">Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.bowdoin.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.bowdoin.edu/">Bowdoin College Library</a></span></span></span></span></div>
