Abstract
U.S. monetary policy in recent years, in terms of its basic thrust, has aimed at curbing inflation and setting the stage for sustainable economic growth. In the process, the shorter-term policy stance and the day-to-day operating procedures have been complicated by, and have had to be adapted to, a variety of powerful exogenous forces. Among the more important from the mid-1970s through the early 1980s have been large oil price increases, a credit control program, deregulation of and innovations in banking and deposit markets, emergence of a large structural budget deficit, a large current account deficit in the balance of payments accompanied by what many believe to be an overvalued dollar on exchange markets, and strongly embedded inflationary expectations.
The views expressed in this paper are not necessarily those of the Board of Governors of the Federal Reserve System.
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© 1985 Martinus Nijhoff Publishers, Dordrecht
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Axilrod, S.H. (1985). U.S. Monetary Policy in Recent Years: an Overview. In: van Ewijk, C., Klant, J.J. (eds) Monetary Conditions for Economic Recovery. Financial and Monetary Policy Studies, vol 11. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-5149-5_4
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DOI: https://doi.org/10.1007/978-94-009-5149-5_4
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