1979-1982: Rules or Discretion in Monetary Policy?

Gregory Hoelscher ()

Economic Inquiry, 1990, vol. 28, issue 2, 249-56

Abstract: What determined M1 growth from November 1979 through October 1982? A reaction function is developed and tested which ascribes the level of M1 to two Fed motives. One is the Fed's desire to hit its money growth targets, the other is to carry out a countercyclical short-run monetary policy. Both motives are found to be significant during the period. This evidence is consistent with the contention of some economists that the period was not a valid test of monetarist policy rules. Copyright 1990 by Oxford University Press.

Date: 1990
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