Conduct of Monetary Policy: (pursuant to the Full Employment and Balanced Growth Act of 1978, P.L. 95-523) : Hearings Before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-ninth Congress, First Session, July 17 and 18, 1985U.S. Government Printing Office, 1985 - 253페이지 |
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annual rate average balance BARNARD billion central bank Chairman FAUNTROY CHIMERINE conduct of monetary Congress consumer spending continue debt demand discount rate easing economic activity economic growth effect expansion expected exports factors Federal budget deficits Federal Reserve Federal Reserve System financial markets fixed investment FOMC forecast foreign foreign exchange markets fourth quarter funds going growth recession HILER housing impact imports income industries inflation rate inflationary inventory investment July 18 long-term lower interest rates M1 growth MCCOLLUM monetary aggregates monetary growth Monetary Policy Forum money growth money supply monitoring range nominal GNP outlook Percent Change period pressures problem production real GNP real interest rates rebase recovery reduce relatively remain rise ROEMER second half second quarter significant Sinai strong dollar Subcommittee SUMICHRAST sustained tax increase tax reform TEETERS Thank trade deficit trend U.S. dollar U.S. economy unemployment rate velocity VOLCKER weak
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106 페이지 - ... upper limits of their 1984 ranges, given developments in the first half of the year, but the Committee felt that higher target ranges would provide inappropriate benchmarks for evaluating longer-term trends in M3 and credit growth. For 1985 the Committee agreed on tentative ranges of monetary growth, measured from the fourth quarter of 1984 to the fourth quarter of 1985, of 4 to 7 percent for Ml, 6 to 8'/4 percent for M2, and 6 to 9 percent for M3.
23 페이지 - Other sectors exposed to strong international competition are sluggish, and agriculture remains under strong financial pressure. The Broad Policy Challenge The cross-currents, dislocations, and uncertainties in the present situation point up one uncomfortable but inescapable fact. We are dealing with a situation marked by gross imbalances that can neither be sustained indefinitely nor dealt with successfully by monetary policy alone, however conducted. We are borrowing, as a nation, far more than...
19 페이지 - Let me go to the gentleman from Florida, Mr. McCollum. Mr. McCOLLUM. Thank you very much, Mr.
27 페이지 - ... external impact on demand. In other words, a new situation will develop that will both increase the need for more expansionary policies, and make it more likely that they will boost domestic demand and employment rather than inflation and interest rates. As Paul Volcker put it, with his usual tact: I am a central banker. I can well appreciate and sympathize with the priority...
178 페이지 - ... turn, both are primarily caused by high and rising federal budget deficits at a point in the recovery when such deficits should be falling sharply. Federal deficits, and the tax cuts that have largely caused them, have thus became counterproductive for economic growth — their direct stimulus was being outweighed by the adverse effects of the excessively high interest and dollar exchange rates which they caused. It is true that there has been a sharp deceleration in inflation during the last...
75 페이지 - THE MIDYEAR MONETARY POLICY REPORT TO CONGRESS PURSUANT TO THE FULL EMPLOYMENT AND BALANCED GROWTH ACT OF 1978...
48 페이지 - An eased monetary policy has implications for fairness as well as for the economy at large, and that a little bit of inflation and a reduction in the value of the dollar may well be the greatest way to avoid protectionist efforts from a congressional perspective, and that this ought to be a serious concern of the Federal Reserve Board.
27 페이지 - The needed adjustments would be eased as well if other industrialized countries became less dependent on stimulus from the United States for growth in their own economies.
177 페이지 - Despite sharp cuts in marginal tax rates, the enactment of IRAs, Keoughs, and other direct savings incentives, extremely high nominal and real interest rates, and declining inflationary expectations, the personal saving rate during the last four years has averaged considerably less than in earlier years.
206 페이지 - NORMAN ROBERTSON, SENIOR VICE PRESIDENT AND CHIEF ECONOMIST, MELLON BANK, PITTSBURGH, PA Mr.