Volcker was powerful because he was making monetary policy
Monetary Policy - Bank of Canada
This paper examines the validity of this claim and investigates the properties of alternative monetary policy rules based on control of the monetary base or a monetary aggregate in lieu of the capacity to manipulate a short-term interest rate.
Risk, uncertainty and monetary policy - ScienceDirect
The results indicate that rules of this type have the potential to guide monetary policy decisions toward the achievement of a long-run nominal goal without being constrained by the zero lower bound on a nominal interest rate.
Assessing Expectations of Monetary Policy
Changes in real money balances enter importantly into the model's aggregate demand relationship, while growth in Divisia M2 appears in the estimated monetary policy rule.
Monetary policy and balance sheets - ScienceDirect
Under this more discretionary policy, inflation overshot its target and the funds rate followed a path reminiscent of the "stop-go" pattern that characterized Fed behavior prior to 1979.
Monetary Policy Paper - 1094 Palabras | Cram
The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of "the conduct of monetary policy and economic developments and prospects for the future." This report--called the Monetary Policy Report--is submitted semiannually to the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services, along with testimony from the Federal Reserve Board Chair.
Monetary and Fiscal Policy - Social Studies help
In practice, however, the Fed has used its power to pay interest on reserves to facilitate credit market interventions that extend well beyond those required by its traditional central banking functions: conducting monetary policy to stabilize the aggregate nominal price level and acting as a lender of last resort to illiquid but solvent depository institutions.