Description: The articles are grouped into three major sections. The first contains articles devoted to analysis of the factors affecting the choice of monetary policy targets, with particular emphasis on the increased importance of monetary and reserve aggregates since the change of Federal Reserve operating procedures in October 1979. Articles in the second section examine the prospective role of reserve requirements and the discount rate in the current framework for policy implementation. The final section includes articles that examine various aspects of short-run monetary control, emphasizing the possible effects on interest rate variability.Thomas E. DavisSenior Vice President and Director of ResearchFederal Reserve Bank of Kansas City

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