Darryl Francis and the Making of Monetary Policy, 1966-1975

Resource Type
Dataset : survey data
  • Hafer, R.W. (Southern Illinois University)
  • Wheelock, David C. (Federal Reserve Bank of St. Louis)
Other Title
  • Version 1 (Subtitle)
Publication Date
Free Keywords
commodities; fiscal policy; inflation; monetary policy; monetary reserves; price controls; price indexes; unemployment
  • Abstract

    Darryl Francis was president of the Federal Reserve Bank of St. Louis from 1966 to 1975. Throughout those years he was a leading critic of United States monetary policy. Francis argued in policy meetings and public venues that monetary policy should focus on maintaining a stable price level. In contrast, most policymakers at the time believed it possible to exploit a trade-off between unemployment and inflation. Francis attributed inflation directly to excessive growth of the money stock while other policymakers blamed labor and product market failures, fiscal policy, and commodity price shocks. Francis argued that inflation could not be controlled except by limiting the growth of monetary aggregates whereas other policymakers promoted price controls or other schemes. Francis favored maintaining a stable money stock growth rate at a time when monetary policy was widely interpreted as involving the manipulation of interest rates. Reviewing the debates between Francis and his Federal Reserve colleagues improves our understanding of the reasons behind the Fed's monetary policy actions at the time and illuminates how policy views evolved toward accepting price level stability as the paramount, long-term objective for monetary policy.
  • Table of Contents


    • DS1: Dataset
Geographic Coverage
  • United States
Collection Mode
  • (1) The file submitted is the data file 0303rhd.txt. (2) 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 investigator(s) if further information is desired.

This study is freely available to the general public via web download.
Alternative Identifiers
  • 1283 (Type: ICPSR Study Number)
  • Hafer, R.W., Wheelock, David C.. Darryl Francis and the making of monetary policy, 1966-1975. Federal Reserve Bank of St. Louis Review.85, (2), 1-12.2003.

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