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LE NUOVE PROCEDURE OPERATIVE DI CONTROLLO MONETARIO NEGLI STATI UNITI (1979-1981)

Stefano Micossi and Valeria Sannucci
Giornale degli Economisti e Annali di Economia
Nuova Serie, Anno 41, No. 1/2 (Gennaio-Febbraio 1982), pp. 75-99
Published by: EGEA SpA
Stable URL: http://www.jstor.org/stable/23244514
Page Count: 25
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LE NUOVE PROCEDURE OPERATIVE DI CONTROLLO MONETARIO NEGLI STATI UNITI (1979-1981)
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Abstract

This paper analyzes the new monetary control procedures of the Federal Reserve, in the light of the experience of the first two years of implementation since October 1979. The philosophy of the new operating procedures is discussed with reference to a simple model of the money market, and their merits and difficulties are compared with those of the alternative approach based on interest rates. Recent developments in financial markets and the problems posed for monetary control by financial innovation are then reviewed. Finally, some empirical evidence is presented on the effects of the new procedures on monetary and real aggregates: it is argued that the new procedures have contributed to the increased instability on financial markets, and also to heightening real instability.

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