Is the Federal Reserve's Monetary Control Policy Misdirected?
探讨1979年美联储将操作目标从联邦基金利率转向直接控制银行准备金后，利率和货币增长波动加剧的原因，以及如何改进货币控制。
On October 6, 1979, the chairman of the Board of Governors of the Federal Reserve System announced a new operating procedure by which Federal Reserve open market operations were to be conducted to control unborrowed bank reserves directly rather than to control the Federal funds rate as previously. Subsequently there was increased variability in both interest rates and monetary growth. Why this happened and what if anything can be done to improve monetary control were the subjects of the Journal of Money, Credit, and Banking Debate held on April 30, 1981, at the Ohio State University in Columbus.