All for the Best: The Federal Reserve Board's 60th Annual Report

Abstract

Reserve (FR) documents. We virtually pounce on them. We criticize everything from the frailest economic argument to the color scheme and quality of the binding. Except for newsy details necessary to keep our preachments up to date, the issues we raise seldom change. Decade after decade, we upbraid the Fed about the responsibilities for economic statesmanship that accompany its statutory independence; its unwillingness to specify an explicit model of how it believes that its policies impact on economic variables; its special concern for cushioning its effects on the money markets; the inevitable ineptness of its interventions into specific markets; and its extraordinary penchant for humbug. Fed officials must long have wondered

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