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Replacing The Fomc By A Pc

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  • THOMAS MAYER

Abstract

Recent behavior of velocity suggests that a stable monetary growth rate rule could have dangerous consequences. Hence this paper suggests a compromise–adjusting the money growth rate only in accordance with past changes in velocity. This preserves most of the benefits of a stable monetary growth rate rule.

Suggested Citation

  • Thomas Mayer, 1987. "Replacing The Fomc By A Pc," Contemporary Economic Policy, Western Economic Association International, vol. 5(2), pages 31-43, April.
    • Handle: RePEc:bla:coecpo:v:5:y:1987:i:2:p:31-43
    DOI: 10.1111/j.1465-7287.1987.tb00254.x
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    References listed on IDEAS

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    Cited by:

    1. Robert D. Auerbach, 1991. "Institutional Preservation At The Federal Reserve," Contemporary Economic Policy, Western Economic Association International, vol. 9(3), pages 46-58, July.
    2. Franco Modigliani, 1988. "The Monetarist Controversy Revisited," Contemporary Economic Policy, Western Economic Association International, vol. 6(4), pages 3-18, October.

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