Copyright © 1994 by M. E. Sharpe, Inc. All rights reserved. No part of this book may be reproduced in any form without written permission from the publisher, M. E. Sharpe, Inc., 80 Business Park Drive, Armonk, New York 10504. Library of Congress Cataloging-in-Publication Data The art of monetary policy edited by David C. Colander and Dewey Daane: foreword by William E. Simon. p. cm. Includes index. ISBN 1-56324-346-6 ISBN 1-56324-347-4 1. Monetary policy-- United States. 2. Monetary policy. I. Colander, David C. II. Daane, J. Dewey ( James Dewey), 1918- HG501.A8 1994 332.4′773--dc20 93-45869 CIP Printed in the United States of America The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences-- Permanence of Paper for Printed Library Materials, ANSI Z 39.48-1984. ∞ + ⃝ BM (c) 10 9 8 7 6 5 4 3 2 1 BM (p) 10 9 8 7 6 5 4 3 2 1 -iv- |