Journal Article
The M1 target and disinflation policy
Gavin, William T. (1985-10)
An examination of the monetary policy goals of the Federal Reserve System, with a discussion of the role of the M1 target.
Economic Commentary , Issue Oct

Journal Article
Forecast accuracy and monetary policy
Bryan, Michael F.; Gavin, William T. (1991-01)
An examination of GNP forecasts and their implications for monetary policy, showing that although such forecasts have lessened uncertainty about the economy's future course, the errors are still too large to justify basing monetary policy on the near-term GNP outlook alone.
Economic Commentary , Issue Jan

Journal Article
M1A - M.I.A.?
Pakko, Michael R.; Gavin, William T. (1987-07)
An examination of the compositional changes in the monetary aggregates M1 and M1A, with a discussion of their behavior in the 1980s and some issues relevant to the possibility of replacing M1 with M1A in the monetary targeting framework.
Economic Commentary , Issue Jul

Journal Article
Velocity and monetary targets
Gavin, William T. (1983-06)
A discussion of Federal Reserve monetary targets and of their relationship to the turnover of money (velocity) in the economy, with an examination of historical trends from 1880 to 1982, and comment on the effect of interest-bearing checking accounts on velocity.
Economic Commentary , Issue Jun

Journal Article
The monetary targets in 1984
Gavin, William T. (1984-03)
A review of monetary targeting in recent years and a discussion of issues raised by Federal Reserve Chairman Paul Volcker's February 1984 report to Congress on the System's objectives for the year.
Economic Commentary , Issue Mar

Journal Article
A price objective for monetary policy
Stockman, Alan C.; Gavin, William T. (1992-04)
An argument that the Federal Reserve, by targeting a long-run path for the price level, could achieve its price-stability objective without inhibiting its short-term goals.
Economic Commentary , Issue Apr

Journal Article
Monetary policy and the M2 target
Gavin, William T.; Black, Susan (1989-12)
An analysis of the Federal Reserve's use of the M2 monetary aggregate as both a short-term and long-term policy guide, asserting that the FOMC's tentative target range for M2 growth in 1990 permits ample opportunity for the inflation rate to either accelerate or decline during the next few years.
Economic Commentary , Issue Dec

Journal Article
The case for zero inflation
Stockman, Alan C.; Gavin, William T. (1988-09)
An argument that a monetary policy aimed at eliminating long-run inflation would benefit society by removing price distortion, increasing economic growth, adding liquidity to the economy, and reducing uncertainty associated with price-level drift.
Economic Commentary , Issue Sep

Journal Article
Price stability and the Swedish monetary experiment
Gavin, William T.; Black, Susan (1990-12)
An examination of the feasibility and appropriateness of establishing a direct, price-index target as the primary objective of U.S. monetary policy, with particular emphasis on the Swedish Riksbank's experiment with such an approach during the 1930s.
Economic Commentary , Issue Dec

Journal Article
Humphrey-Hawkins: the July monetary policy report
McElravey, John N.; Gavin, William T. (1988-08)
A review of the Federal Reserve System's July 1988 Monetary Policy Report to Congress, indicating a decline in the role of monetary aggregates in the policy process and including the Federal Open Market Committee's projection of economic conditions.
Economic Commentary , Issue Aug