New PDF release: Inside the Fed: Monetary Policy and Its Management, Martin

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Extra info for Inside the Fed: Monetary Policy and Its Management, Martin through Greenspan to Bernanke

Sample text

At the same time, the Fed’s attitudes toward monetary policy and related questions were also being adapted in light of experience, changing economic and financial circumstances, and congressional interest and oversight. Though Purpose and Functions covered all facets of the Fed’s operations, its presentation of monetary policy was central and of most interest to the college students of money and banking who were viewed as its prime audience. I came to know Ralph much better as we sat together at his large working table bringing up to date the policy sections of the book’s earlier postwar revision—I wielding the pen and he of course having the last word.

Rather, he argued that monetary policy should be limited to doing no more than keeping some measure of the money supply growing at a predetermined constant rate. Other economists who advocate an automatic pilot for monetary policy believe in a gold standard or its first cousin in today’s world, the so-called currency board, both of which would essentially limit monetary policy to a rule of maintaining the domestic currency at a predetermined fixed value relative to an external standard, such as a fixed price of gold or a fixed value of a foreign currency (or collection of currencies).

Second, the flexibility of the manager of the Fed’s Open Market Account in New York became more limited. Numbers defining tightness or ease hemmed him in. Moreover, the interpretation of the numbers came through the board staff as well as through the account manager, thus effectively enhancing the power of the board and its chairman relative to the New York Fed and its president. The blue book stayed with me throughout the balance of my career at the Fed. m. in those days) that took place between the account manager in New York, a reserve bank president representing the FOMC, and a senior staff person at the board.

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