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The contributions and limitations of \"monetary\" analysis

Author

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  • Paul A. Volcker

Abstract

During Voicker's presidency, the role of monetary aggregates as a guide to policy came under increasing public discussion. In this speech, Voicker discusses the advantages and pitfalls of a strategy of targeting monetary aggregates and alternative operating procedures. He argues that monetary targeting imposes a beneficial discipline on Federal Reserve policies. He also notes, however, that instability in velocity over horizons relevant for policy and the possibility of credit market disturbances make attention to other sources of information imperative.

Suggested Citation

  • Paul A. Volcker, 1989. "The contributions and limitations of \"monetary\" analysis," Quarterly Review, Federal Reserve Bank of New York, issue Special, pages 35-41.
    • Handle: RePEc:fip:fednqr:y:1989:i:special:p:35-41
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    Cited by:

    1. David E. Lindsey & Athanasios Orphanides & Robert H. Rasche, 2013. "The Reform of October 1979: How It Happened and Why," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 487-542.
    2. Kevin L. Kliesen & David C. Wheelock, 2021. "Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation," Review, Federal Reserve Bank of St. Louis, vol. 103(1), pages 71-97, January.

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