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Possible Roles for the Monetary Base
Monetary Aggregates as Intermediate Targets
Liquid Asset Measures as Intermediate Targets
8 other sections not shown
adjustment aggregate demand bank credit behavior borrowing central bank Chart coefficients commodity price indexes commodity prices credit aggregates credit measures deposits disinflation dollar econometric economic activity effects empirical equation errors estimated federal funds rate Federal Reserve Bank Federal Reserve System financial aggregates FOMC forecasts Friedman growth rate increase inflation inflation expectations inflation rate inflationary intermediate target Journal lagged liquid asset measure LM curve long-run long-term macroeconomic monetary aggregates monetary authorities monetary base monetary targets money growth money stock money supply nominal GNP targeting nominal income nominal interest rates nonborrowed reserves Open Market open market operations operating targets paper percent level period policy makers potential predictive price level quarter Quarterly ratio real GNP real interest rates real output regression relationship relative role shifts shocks short-term significant stability statistically targeting nominal GNP total debt total reserves U.S. monetary policy variables velocity yield curve