An examination of the behavior of bank deposit yields and a discussion of some implications for deposit variability and for the interpretation of money growth in the wake of deregulation and other changes in the financial industry in the early 1980s.

An examination of credit flow rechanneling away from depository institutions over the past decade in response to evolving financial markets and regulatory structure, and a discussion of how this trend has complicated monetary policymaking.

A discussion of M2's demise as a reliable indicator of financial conditions in the economy, and a look at recent evidence suggesting that even though the aggregate has been behaving more normally over the past year or so, it is unlikely to regain its status as a key policy guide any time soon.

An essay on the effect that seasonal money supply fluctations have on the measurement of M1 and on Federal Reserve money supply management, with a discussion of the X-11 adjustment method and suggestions for improving it.

An examination of the U.S. dollar's growing popularity abroad and a discussion of how the rising currency demand could affect U.S. economic policy.

A discussion of how financial deregulation and disinflation affect the velocities of M1 and M2, noting implications for the conduct of monetary policy.

A presentation of some tentative evidence that MZM, an alternative money measure comprising all instruments payable at par on demand, has exhibited a fairly stable relationship with nominal GDP and with its own opportunity cost in recent years, suggesting a potential role for policy.

A discussion of the unanticipated weakness in the M2 monetary aggregate in recent years, suggesting that the shortfall may be largely attributable to the restructuring of the thrift industry, and an explanation of why economic models predicting M2 growth have had difficulty tracking this weakness.

A look at the recent acceleration in M2, examining evidence that its velocity has stabilized around a new trend, analyzing the usefulness of money in monetary policy deliberations, and highlighting some of the pitfalls of ignoring money growth.