A Prescription for Monetary Policy: Proceedings from a Seminar Series
"A Prescription for Monetary Policy," originally published in 1976, contains the proceedings from a series of seminars. The seminars addressed the question, "How should the Federal Open Market Committee (FOMC) make monetary policy?" The need to carefully reexamine this question gained in urgency as the economic distress story of the mid-1970s unfolded. In recognition of the unsatisfactory state of the economy, a major Federal Reserve System research program was launched under the auspices of the FOMC?s Committee on the Directive. The study?s objective was to produce for the FOMC?s consideration a set of recommendations on how to improve the execution of monetary stabilization policy.
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On Macroeconomic Theories and Models
Testing for Neutrality and Rationality
Microeconomic Theories of Macroeconomic Phenomena
adaptive expectations agents aggregate demand variables argue argument assumed Bank of Minneapolis Brookings Institution coefficients Committee conditional forecasts current period deciding policy determines deterministic econometric Economic Review Vol economists equation estimated expected outcomes expected value Federal Reserve Bank feedback rule FOMC forecast errors framework future goal implied information variables instrument variable invariant Kareken lagged macroeconometric models macroeconomic model monetary authority monetary policy money supply Muench natural rate hypothesis natural rate-rational expectations natural unemployment rate Neil Wallace neutrality Neutrality of Money nominal aggregate demand nominal contracting objective function observations Okun and George Open Market optimal policy parameters Phillips curve policy authority policy horizon policy outcome policy procedure policy rule policy-making predictable price level random rational expectations real GNP real variables restriction Sargent Sargent-Wallace sequence serial correlation Solow and Tobin stabilization policy staff stochastic structure systematic Theil procedure theory Thomas Thomas Sargent tion uncertainty unemployment rate hypothesis variance wage