TheRiseandFallofa.PDFVIP

FEDERAL RESERVE BANK OF ST.LOUIS stability (e.g., Barro, 1996). Monetary policymak- The Rise and Fall of a ing, however, both in the United States and else- where, is often concerned with the short-run. Policy Rule: Policymakers meet frequently: the Federal Reserve’s Open Market Committee (FOMC) meets Monetarism at the