Federal Reserve Bank of St. Louis Review

A quarterly research journal intended for an economically informed but broad readership—from the undergraduate student to the PhD. In print and online.


NOVEMBER/DECEMBER 2013 Vol. 95, No. 6

A Special Issue of Review in Commemoration of the Federal Reserve System Centennial: December 23, 1913–December 23, 2013

Homer Jones: "Propensity, capacity, and opportunity"

The Credit Crisis and Cycle-Proof Regulation

Forces at Work: The Fed, Money, and Forward Guidance

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

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 U.S. monetary policy.

The Reform of October 1979: How It Happened and Why

This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively on contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC) meetings during 1979.

Inflation Targeting in a St. Louis Model of the 21st Century

Announcements and the Role of Policy Guidance

By providing guidance about future economic developments, central banks can affect private sector expectations and decisions. This can improve welfare by reducing private sector forecast errors, but it can also magnify the impact of noise in central bank forecasts.

Challenging Policy

GSEs: Where Do We Stand?

Seven Faces of "The Peril"

In this paper the author discusses the possibility that the U.S. economy may become enmeshed in a Japanese-style deflationary outcome within the next several years. To frame the discussion, the author relies on an analysis that emphasizes two possible long-run steady states for the economy: one that is consistent with monetary policy as it has typically been implemented in the United States in recent years and one that is consistent with the low nominal interest rate, deflationary regime observed in Japan dur- ing the same period.

 


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