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Panel on Processes and Responses in Monetary Control A Sample Survey of the Commission on Money and Credit Research Papers

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Panel on Processes and Responses in Monetary Control A Sample Survey of the Commission on Money and Credit Research Papers This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: The State of Monetary Economics Volume Author/Editor: Universities-National Bureau Volume Publisher: UMI Volume ISBN: 0-87014-307-7 Volume URL: http://www.nber.org/books/univ65-1 Publication Date: 1965 Chapter Title: Panel on Processes and Responses in Monetary Control A Sample Survey of the Commission on Money and Credit Research Papers Chapter Author: Martin Bronfenbrenner Chapter URL: http://www.nber.org/chapters/c5181 Chapter pages in book: (p. 111 - 128) A SAMPLE SURVEY OF THE COMMISSION ON MONEY AND CREDIT RESEARCH PAPERS Martin Bronfenbrenner, University of Minnesota I. THE Commission on Money and Credithas laid its 285-page egg' and gone over like a lead balloon — choose your own meta- phor — with both the economists and the gen- eral public. Certain of its administrative sug- gestions, notably those involving reconstitution of the Federal Reserve System's Board of Governors, have attracted a significant modi- cum of attention.2 On the substantive side, however, the Commission's main body of work appears already spurlos verse,tht, in unhappy contrast with both the National Monetary Commission of fifty years past, whose influence it was intended to rival, and the Radcliffe Re- port of its closest contemporary trans- atlantic equivalent. This unhappy fate rather befits a series of attempted least common denominators between unreconciled and possibly unreconcilable spe- cial interests, which turned out to be meaning- less verbal compromises as often as anything more. Indeed, the least uninteresting feature of the report to this reader was the triangular running battle between the predominantly "sound finance," "don't rock the boat" posi- tion of its text and the two accompanying sets of mutually contradictory footnote d

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