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 upon contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC) meetings during 1979. We then present and discuss in detail the reasons for the FOMC's adoption of the reform and the communications challenge presented to the Committee during this period. Further, we examine whether the essential characteristics of the reform were consistent with monetarism, new, neo, or old-fashioned Keynesianism, nominal income targeting, and inflation targeting. The record suggests that the reform was adopted when the FOMC became convinced that its earlier gradualist strategy using finely tuned interest rate moves had proved inadequate for fighting inflation and reversing inflation expectations. The new plan had to break dramatically with established practice, allow for the possibility of substantial increases in short-term interest rates, yet be politically acceptable, and convince financial markets participants that it would be effective. The new operating procedures were also adopted for the pragmatic reason that they would likely succeed. JEL Klassifikation: E52, E58, E61, E65

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 upon contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC) meetings during 1979. We then present and discuss in detail the reasons for the FOMC's adoption of the reform and the communications challenge presented to the Committee during this period. Further, we examine whether the essential characteristics of the reform were consistent with monetarism, new, neo, or old-fashioned Keynesianism, nominal income targeting, and inflation targeting. The record suggests that the reform was adopted when the FOMC became convinced that its earlier gradualist strategy using finely tuned interest rate moves had proved inadequate for fighting inflation and reversing inflation expectations. The new plan had to break dramatically with established practice, allow for the possibility of substantial increases in short-term interest rates, yet be politically acceptable, and convince financial markets participants that it would be effective. The new operating procedures were also adopted for the pragmatic reason that they would likely succeed.Monetary policy ; Federal Reserve System - History

Electromagnetic corrections for the analysis of low energy pi-p scattering data

We calculate the electromagnetic corrections to the isospin invariant mixing angle and to the two eigenphases for the s and p-waves for low energy pi-p elastic and charge exchange scattering. These corrections have to be applied to the nuclear quantities obtained from phase shift analyses of the experimental data in order to obtain the hadronic phases. We compare our results with earlier calculations and estimate the uncertainties in the corrections.Comment: 19 pages, 5 figures. Uses elsart.cls Accepted for publication in Nuclear Physics

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. We then present and discuss in detail the reasons for the FOMC's adoption of the reform and the communications challenge presented to the Committee during this period. Further, we examine whether the essential characteristics of the reform were consistent with monetarism; new, neo, or old-fashioned Keynesianism; nominal income targeting; and inflation targeting. The record suggests that the reform was adopted when the FOMC became convinced that its earlier gradualist strategy using finely tuned interest rate moves had proved inadequate for fighting inflation and reversing inflation expectations. The new plan had to break dramatically with established practice, allow for the possibility of substantial increases in short-term interest rates yet be politically acceptable, and convince financial market participants that it would be effective. The new operating procedures were also adopted for the pragmatic reason that they would likely succeed.Monetary policy ; Federal Open Market Committee ; Federal Reserve System - History

Analysis of the low-energy π±p\pi^\pm p differential cross sections of the CHAOS Collaboration

This paper presents the results of an analysis of the low-energy $\pi^\pm p$ differential cross sections, acquired by the CHAOS Collaboration at TRIUMF \cite{chaos,denz}. We first analyse separately the $\pi^+ p$ and the $\pi^- p$ elastic-scattering measurements on the basis of standard low-energy parameterisations of the $s$- and p-wave $K$-matrix elements. After the removal of the outliers, we subject the truncated $\pi^\pm p$ elastic-scattering databases into a common optimisation scheme using the ETH model \cite{glmbg}; the optimisation failed to produce reasonable values for the model parameters. We conclude that the problems we have encountered in the analysis of these data are due to the shape of the angular distributions of their $\pi^+ p$ differential cross sections

Address on the Occasion of the 25th Anniversary of the University of North Florida

The address given for the 25th Anniversary of the University of North Florida by Christine E. Rasche, Ph.D.., the President of the UNF Faculty Association

The Treasury bill futures market and market expectations of interest rates

Interest rates ; Treasury bills

Promoção de eventos culturais na Biblioteca da Embrapa Florestas: responsabilidade social e cultural.

Apresenta uma reflexão sobre a responsabilidade e compromisso social das bibliotecas e descreve ações desenvolvidas por uma biblioteca especializada na área de pesquisa com o objetivo de promover a biblioteca, incentivar atividades culturais, bem como de sociabilizar a mesma na empresa

Revision of the monetary base

Money supply ; Bank reserves