The Impact of the Federal Reserve's Money Policies on the Economy: Hearings Before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Currency and Housing, House of Representatives, Ninety-fourth Congress, Second Session ....U.S. Government Printing Office, 1976 - 245 páginas |
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Términos y frases comunes
achieve adjustments aggregate demand assets average balance of payments bank credit bank reserves budget business cycle capital Chairman changes chart Congress costs countries debt decline demand for money economic activity economists economy effects equations expansion expected expenditures Federal Open Market Federal Reserve Federal Reserve Board Federal Reserve System fiscal policy fluctuations FOMC goals going Government Governor PARTEE growth of money growth rate HANNAFORD higher interest rates impact important income increase inflation rate inflationary investment labor M₁ market interest rates MEISELMAN MELTZER monetarists monetary aggregates monetary growth money growth money market conditions money policy money stock money supply NEAL nominal GNP Open Market Committee open market operations output and employment percent period Phillips Curve problem production rate of inflation real output recession reduce relationship rise shifts short-run short-term spending stability stock of money subcommittee target tion trying unemployment rate variables
Pasajes populares
Página 8 - Committee's objectives and plans with respect to the ranges of growth or diminution of monetary and credit aggregates in the upcoming twelve months. Nothing in this, resolution shall be interpreted to require that such ranges of growth or diminution be achieved if the Board of Governors and the Federal Open Market Committee determine that they cannot or should not be achieved because of changing conditions.
Página 91 - The views expressed here are my own and do not necessarily reflect those of the United Nations Secretariat.
Página 107 - To implement this policy, the Committee desires to see moderate growth in money and bank credit over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining money market conditions consistent with that objective.
Página 107 - In light of the foregoing developments, it is the policy of the Federal Open Market Committee...
Página 107 - ... reasonable equilibrium in the country's balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining...
Página 8 - Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.
Página 151 - All formulations of the natural rate theory postulate rational agents, whose decisions depend on relative prices only, placed in an economic setting in which they cannot distinguish relative from general price movements.' Their inability separately to identify relative and overall nominal price changes is what gives rise to reduced forms like (1). But their rationality implies that only the surprise components of the aggregate demand variables enter. And this has the far reaching policy implications...
Página 96 - I have been able to do in the past. I would like to go into a facet of this which you have mentioned.
Página 70 - ... borrowers and lenders about the rate of inflation. If the Federal Reserve did nevertheless attempt to maintain selected interest rates at some predetermined level, the effort could well lead to inappropriate rates of growth in bank reserves and the money stock. If interest rates came under upward pressure because of rising demands for funds, for example, System efforts to prevent interest rate increases would inevitably generate more rapid monetary expansion, thereby feeding new inflationary...
Página 106 - The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that real economic activity, which leveled off in the fourth quarter of 1969, is weakening further in early 1970. Prices and costs, however, are continuing to rise at a rapid pace. Market interest rates have declined considerably in recent weeks, partly as a result of changing investor attitudes regarding the outlook for economic activity and monetary...