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Fed Policy Procedures:Historical Perspective
Mishkin 19 Appendix
Discovery of Open Market Operations
Assets Liabilities
Real Bills Doctrine
Discount Loans Reserves
Discovery of Open Market Operations
Assets Liabilities
Discount Loans Reserves
Treasuries
The Great Depression: Stock Market Crash
The Great Depression: Soup Kitchens
The Great Depression: Money Supply Equation
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1 n
d
CDM MB DL
C ERr
D D
The Great Depression: Walter’s Wiggles
The Great Depression: CCC and Fiscal Policy
Reserve Requirements as Policy Tool
The Great Depression: 1937 Debacle
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1 n
d
CDM MB DL
C ERr
D D
War Finance and the Pegging of Interest Rates: 1942-1951
Targeting Money Market Conditions:The 1950’s and 1960’s
e
GDP i MB M
Inflation Inflation i MB M
Targeting Money Market Conditions:The 1950’s and 1960’s
Targeting Monetary Aggregates:The 1970’s
New Fed Operating Procedures:October 1979 – October 1982
De-Emphasis of Monetary Aggregates:October 1982 – Early 1990’s
De-Emphasis of Monetary Aggregates:October 1982 – Early 1990’s
GDP i DL MB M
Federal Funds Targeting Again:Early 1990’s and Beyond