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In the last two years there has been an increased concern within the Federal Reserve Systern about the role of monetary aggregates in policy, and about the operating procedures irnpiicit in the policy directive of the Federal Open Mark-ct Committee. A collection of studies on these subjects, Onyx MARKET PoLIcmEs AND OpEISATJNC PROCEDURES STArE STUDIEs, was pubUs/med by the Board of Governors in 1971. Other economists have presented methods for analyzing the effects of different growth rates of money on policy objectives. An equally important subject is the controllability of different aggregates and the effect tlits controllability would have on the ability of policyrnakers to achieve policy objectives.

Money Stock Control an Its Implications for Monetary Policy: Technical Appendices