Recently proposed strategies for employing market price indicators as guides to monetary policy embody many key propositions of monetarism. Moreover, market price advocates' prescribed policy instruments and operating procedures for conducting monetary policy are not inconsistent with a...

Recently, some analysts have prescribed the combined use of certain market prices as a useful strategy for monetary policy. In light of problems with conventional (time-series) empirical tests of the approach, one may consider an alternative "test" of this strategy: examining historical episodes...

Recently, some analysts have prescribed the combined use of certain market prices as a useful strategy for monetary policy. In light of problems with conventional (time-series) empirical tests of the approach, one may consider an alternative "test" of this strategy: examining historical episodes...