Preliminary Evidence on the Use of Inputs by the Federal Reserve System

  • William F. ShughartII
  • Robert D. Tollison
Part of the Financial and Monetary Policy Studies book series (FMPS, volume 13)


Because the main objectives of the Federal Reserve System (the Fed) concern what Milton Friedman (chapter 2, p. 12) describes as the Holy Trinity — full employment, economic growth, and stable prices — scholarly evaluations of the central bank’s performance understandably center most often on the behavior over time of macroeconomic variables such as the aggregate price level, interest rates, and national income. Recently, however, Friedman and others have been drawn to the view that an explanation for the Fed’s monetary policy record may be found in the bureaucratic incentives faced by central bank officials.


Monetary Policy Federal Reserve Money Supply Monetary Base Federal Reserve System 
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Copyright information

© Martinus Nijhoff Publishers, Dordrecht 1986

Authors and Affiliations

  • William F. ShughartII
  • Robert D. Tollison

There are no affiliations available

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