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Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986

Version
v0
Resource Type
Dataset : survey data
Creator
  • Hafer, R.W. (Federal Reserve Bank of St. Louis)
  • Wheelock, David C. (Federal Reserve Bank of St. Louis)
Other Title
  • Archival Version (Subtitle)
Publication Date
2001-04-02
Language
English
Free Keywords
monetary policy
Description
  • Abstract

    From the 1960s to the 1980s, the Federal Reserve Bank of St. Louis played an important and highly visible role in the development and advocacy of stabilization policy based on the targeting of monetary aggregates. Research conducted at the St. Louis Bank extended earlier monetarist analysis that had focused on the role of money in explaining economic activity in the long run. Their success in finding apparently robust, stable relationships in both long- and short-run data led monetarists to apply long-run propositions to short-run policy questions, effectively competing with alternative views of the time. When the short-run correlation between money and economic activity went astray in the early 1970s, however, the efficacy of the monetarist rule and appeals for targeting monetary aggregates to achieve economic stabilization quickly lost credibility. This article traces the evolution of monetary policy research at the Federal Reserve Bank of St. Louis as it moved from the identification of long-run relationships between money and economic activity toward short-run policy analysis. The authors show how monetarists were lulled into advocating a short-run stabilization policy and argue that this experience counsels against overconfidence in our ability to identify infallible rules for conducting short-run stabilization policy in general.
  • Table of Contents

    Datasets:

    • DS1: Dataset
Temporal Coverage
  • 1968 / 1986
    Time period: 1968--1986
Collection Mode
  • The file submitted is the data file, 0101dwd.txt.

    These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigators if further information is desired.

Availability
Delivery
This version of the study is no longer available on the web. If you need to acquire this version of the data, you have to contact ICPSR User Support (help@icpsr.umich.edu).
Alternative Identifiers
  • 1235 (Type: ICPSR Study Number)
Relations
  • Is previous version of
    DOI: 10.3886/ICPSR01235.v1
Publications
  • Hafer, R.W., Wheelock, David C.. The rise and fall of a policy rule: Monetarism at the St. Louis Fed, 1968-1986. Federal Reserve Bank of St. Louis Review.83, (1), 1-24.2001.

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-15

Hafer, R.W.; Wheelock, David C. (2001): Rise and Fall of a Policy Rule: Monetarism at the St. Louis Fed, 1968-1986. Archival Version. Version: v0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/ICPSR01235