How Regulations Affect Monetary Control
分析美国监管因素如何影响美联储对货币数量的短期控制，并评估监管改革能否改善货币控制效果。
THIS PAPER CONSIDERS the major regulatory factors in the United States that affect control of the quantity of money, and it attempts to evaluate how changes in regulations might improve monetary control. Before turning to the regulations themselves, it is important to put the issues in perspective. Institutional and regulatory factors have important implications for the ability of the Federal Reserve to control the quantity of money over short periods of time. These factors do not present great problems for controlling the growth of money in the longer run. By reacting to systematic errors in hitting its target, the Fed can bring the quantity of money under control on an annual basis and probably quarterly. l Failure to achieve longer-run targets for monetary growth is not the result of regulatory or other technical factors. There are many factors that inhibit the Federal Reserve in controlling the monetary aggregates closely on a daily, weekly, or even monthly basis. Fundamentally, the problem lies with the stochastic structure of the market for money but there are regulations and laws that exacerbate the problem. Thus, the institutional and regulatory environment complicates the execution and evaluation of monetary policy over relatively short periods of time. It is possible that by placing so much emphasis on technicalities of short-term