000			02549cam a2200289 a 4500
008			810706t1980 nyucfh erb f010 0 eng
040			_aDLC _cDLC
050	0	0	_aHG2563 _b.S64
082	0	0	_a332 _bSEL
245	1	0	_aSelected papers of Allan Sproul /
260			_aNew York : _bFederal Reserve Bank of New York, _c1980.
300			_axi, 233 p. :ill,
500			_a"December 1980."
504			_aIncludes bibliographical references.
520			_aIn selecting and presenting these papers, Professor Ritter has served us well. His brief biography of Sproul is excellent, his chapter introductions put the various papers in context, and his selection of papers is well designed to help us understand the man and his ideas. A few examples will suggest the nature of Sproul's approach to economic policy though they cannot do justice to the range of his ideas. He believed strongly that money not only matters but matters a lot; that money will not manage itself but must be managed; and that the dominant objective of monetary management should be to promote economic stability, including stability of the price level. But he was no "monetarist," as that term is interpreted today. For one thing, he would accord a stabilization role to fiscal policy as well as monetary policy. Also, he was adamantly opposed to inflexible rules that leave inadequate scope for discretionary human judgment. These papers provide the best available firsthand accounts of two historic controversies over monetary policy. One related to the policy followed during World War II and until March 1951, under which the Federal Reserve pegged prices and yields on government securities, inflation. The other related to an open-market policy called "bills only" or "bills usually," which was announced by the Federal Open Market Committee in March 1953 and abandoned only in February 1961.These papers also present Sproul's insightful comments on other subjects, such as gold standards, interest rate ceilings on deposits, the Vietnam War and its financing, and international financial aid. These papers help explain why Sproul's contemporaries respected him so deeply. He was indeed an extraordinary man.
590			_arpm 02/05/2018
591			_aLoans
600			_aSproul, Allan.
650		0	_aFederal Reserve banks.
650		0	_aMonetary policy.
650		0	_aEconomic assistance, American.
650		0	_aInternational finance.
700	1		_aRitter, Lawrence S.
710	2		_aFederal Reserve Bank of New York.
942			_2ddc _cBOOK
949			_a332 SEL
999			_c8212 _d8212