Darryl Francis and the Making of Monetary Policy, 1966-1975

Principal Investigator(s): Hafer, R.W., Southern Illinois University; Wheelock, David C., Federal Reserve Bank of St. Louis

Summary: Darryl Francis was president of the Federal Reserve Bank of St. Louis from 1966 to 1975. Throughout those years he was a leading critic of United States monetary policy. Francis argued in policy meetings and public venues that monetary policy should focus on maintaining a stable price level. In contrast, most policymakers at the time believed it possible to exploit a trade-off between unemployment and inflation. Francis attributed inflation directly to excessive growth of the money stock ... (more info)

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Hafer, R.W., and David C. Wheelock. Darryl Francis and the Making of Monetary Policy, 1966-1975 . ICPSR01283-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2003-06-25. doi:10.3886/ICPSR01283.v1

Persistent URL: http://dx.doi.org/10.3886/ICPSR01283.v1

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Summary: Darryl Francis was president of the Federal Reserve Bank of St. Louis from 1966 to 1975. Throughout those years he was a leading critic of United States monetary policy. Francis argued in policy meetings and public venues that monetary policy should focus on maintaining a stable price level. In contrast, most policymakers at the time believed it possible to exploit a trade-off between unemployment and inflation. Francis attributed inflation directly to excessive growth of the money stock while other policymakers blamed labor and product market failures, fiscal policy, and commodity price shocks. Francis argued that inflation could not be controlled except by limiting the growth of monetary aggregates whereas other policymakers promoted price controls or other schemes. Francis favored maintaining a stable money stock growth rate at a time when monetary policy was widely interpreted as involving the manipulation of interest rates. Reviewing the debates between Francis and his Federal Reserve colleagues improves our understanding of the reasons behind the Fed's monetary policy actions at the time and illuminates how policy views evolved toward accepting price level stability as the paramount, long-term objective for monetary policy.

Subject Terms: commodities, fiscal policy, inflation, monetary policy, monetary reserves, price controls, price indexes, unemployment

Geographic Coverage: United States

Data Collection Notes:

(1) The file submitted is the data file 0303rhd.txt. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

Original ICPSR Release: 2003-06-25

2003

Hafer, R.W., Wheelock, David C. Darryl Francis and the making of monetary policy, 1966-1975. Federal Reserve Bank of St. Louis Review. 85, (2), 1-12.

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