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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Skeeter Bug who wrote (84344)3/22/2001 11:20:43 PM
From: Ilaine  Read Replies (1) of 436258
 
The Federal Reserve has a very nice collection of publications about the Federal Reserve and will mail you one copy for free.

app.ny.frb.org

I just got the first shipment today, and am reading that the Fed quit using M1 as a policy target in 1982 because it was too unstable. They aren't too thrilled with M2 or M3 either. Greenspan said in 1993, "The historical relationship between money and income and between money and the price level have largely broken down, depriving the aggregates of much of their usefulness as guides of policy. At least for the time being, M2 has been downgraded as a reliable indicator of financial conditions in the economy, and no single variable has yet been identified to take its place."

Martin Mayer writes that in 1995 Volcker asked Greenspan at a meeting, "whatever became of M1?" Greenspan nodded thoughtfully, and replied, "It was once the name of a pretty good rifle."
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