The Federal Reserve System and Control of the Money Supply in the 1970s

Abstract

THIS PAPER ADDRESSES THE QUESTION of whether the Federal Reserve System in the 1970s used the money supply as its predominant intermediate target of policy.l Did the Federal Reserve control the money supply in the 1970s, where control is defined as requiring that the behavior of the money supply accurately reflect the stance of monetary policy desired by the Federal Open Market Committee (FOMC) of the Federal Reserve System? The question just posed is approached through an examination of the system's operating procedures for implementing monetary policy in the 1970s. What intermediate target of policy was the FOMC trying to achieve, as inferred by its choice of operating procedures?2

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