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A Monetarist View of Demand Management: the United States Experience

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A Monetarist View of Demand Management: the United States Experience A Monetarist View of Demand Management: The United States Experience by LEONALL C. ANDERSEN, Senior Vice President, Federal Reserve Bank of St. Louis, Paper Presented at the Conference on Demand Management — Illusion or Reality? Bergedorfer Gesprachskreis, Hamburg—Bergedorf, West Germany, June 20-21, 1971 I AM PLEASED to have this opportunity to present necessarily considered a causal factor. It is used, in- a monetarist view of demand management with spe- stead, as a summary measure of the influence of cial reference to the United States’ experience. I will exogenous monetary variables, primarily those con- attempt to present what appears to me to be, in my trolled by the Federal Reserve, on aggregate demand. country, a general statement of this view of economic Actions of commercial banks regarding their holdings stabilization. My remarks, however, may not he con- of excess reserves and actions of households and busi- sistent with every aspect of the views held by all of ness firms regarding their holdings of currency, de- those actively engaged on the monetarist side of the mand deposits, and time deposits are recognized as current debate. influencing movements in the money stock, Never- This paper first identifies quite generally the major theless, it is maintained that the usefulness of money as an indicator of central bank monetary influences factors which set the monetarist position apart from is not seriously impaired by such actions, because the prevailing view regarding economic stabilization. Then, there is a summary of the major propositions of there is considerable empirical evidence that Federal this view of demand management. Following this cbs- Reserve actions dominate movements in the money eussion, the United States’ experience of the last two stock. decades is analyzed. The role assigned to interest rates in this analysis has also been subject to misunderstanding. Contrary to general opinion, interest rates are an important The General Monetarist View aspect of the monetarist transmission mechanism link- In the United States, monetarists have stressed the ing monetary actions to economic activity, but interest importance of monetary actions in determining the rates are no more important than prices of goods and course of economic activity. Monetary actions include services. In many aspects, this transmission mechan- such actions of the Federal Reserve System as changes ism is close to the Tobin view, except that it takes in the discount rate, changes in commercial hank into consideration many more rates of return and reserve requirements, and open market purchases and market prices of goods and services. Monetary actions saks of Government securities. They also include the of the Federal Reserve are considered a disturbance Treasury’s management of its cash position. These are which influences the acquisition of financial and real the basic exogenous variables of monetary manage- assets. Rates of return on real and financial assets and ment, with the major emphasis given to open-market market prices adjust to create a new equilibrium posi- transactions. tion of the economy; therefore, these changes are considered the main channels of monetary influence The role assigned to the money stock in the mone- on aggregate demand. tarist analysis is not generally understood. The money stock is most frequently used as an indicator of the The influence of monetary actions through market thrust or influence of monetary actions on the econ- interactions is considered to be widely diffused across onsv. In the United States, there is a close empirical all of the markets for financial assets, real assets, and relationship between current and lagged changes in services. Consequently, it is contended that the influ- money and changes in nominal GNP. Money is not ence of monetary actions on movements in total de— Page 3 FEDERAL RESERVE SANK or ST. LOUIS SEPTEM•ER 1971 a mandl is more important for monetary analysis than output and employment are considered to be little their influence on demands of individual sectors. This influenced, if at all, by monetary actions. Trend move- Ts contrary to the more conventional view which first mnents in real variables are essentially determmed by considers the response of individual sector demands to growth in such factors as the labor force, natural monetary actions. Such responses, in turn, are then resources, capital stock, and technology’. summed to give aggregate demand. The monetarist In the short run, however, actions of the central position is that the allocative effects of monetary bank which change the trendl rate of monetary expan— actions have little hearing, if any, on movements in sion or produce pronounced variations aroundl a given aggregate demand. trend rate exert an impact on both real andl nominal A central monetarist proposition is that the economy variables. The timing and the extent to svhich such real is basically stable-and is not necessarily subject to variables as output and employment arc affected de- wide variations iii output and employment. In other pends on initial conditions at the time of a change words, the economy will naturally move along a trend in the rate of monetary expansion. Two major initial path of output determined by growth in its productive conditions are the level of resource utilization and potential. Exogenous events such as wars, droughts, the expected rate of inflation. For example, an accel- strikes, shifts iii expectations, changes in preferences, eration in the rate of monetary expansion at a time and changes in foreign demand may cause variations of a high level of resource utilization will have little in output around the trend path. Such variations, short-run influence on output but a quick influence on however, under most circumstances, will be mild and the price level- On the other hand, a reduction in the of relatively short duration. This basic stability is rate of monetary expansion will result in slower growth brought about by market forces which change rates in real output in the short run, with a faster and of return and prices of goods and services in response larger response if there is-a high level of inflationary to these exogenous events. It is admitted that markets expectations than if there is a low level. are not perfectly competitive and arc subject to man) rigidities. Such market imperfections, however, do Fiscal Actions not greatly impair the stabilizing function of markets; The mnonetarist view of fiscal actions is that their they mainly result in an inefficient allocation of re- main impact is on long—run movements of real output. sources Market imperfections also influence the time Goverumnent spending and taxing programs can pattern of the response of output and prices to mon- change the rate of growth of potential real output by etary actions. altering the composition of actual output An expendi- The basic source of short—run economic instability, ture program which re—allocates resources from cur- which will be discussed in more detail later, is mon— rent consumption (for example, reduced iow income etary actions which result in accelerations and dcccl— subsidies) to investment (for example, education) erations in the rate of money growth. In the long run, will tendl to increase the growth rate of potential out- however, the trend rate of monetary expansion does put. Or, a tax program which encourages private not influence output and employment, but only move— investment will have -a similar impact on potential inents in the price level and other nominal variables. output. Since actual output naturally grows--at the same rate as potential output in the long run, these Monetarist View of Demand Management allocative fiscal actions do influence the rate of growth of actual output. The monetarist view of the role of monetary and fiscal actions in demand management makes a clear While a faster rate of growth of potential output distinction between the influence of such actions on will tend to reduce the inflationary aspect of a given real and nominal economic magnitudes. It also dlif— rate of monetary expansion, this influence is believed Ferentiates between the short—run and the long—run to he relatively minor and slow to develop. The reason aspects of monetary and fiscal actions. for this is that the allocative affects of the usual magnitude of such fiscal actions on potential output Monetary Actions are not too large and take time to appear. The major impact of monetary actions is believed In the short run, fiscal actions are believed by mon- b monetarists to be on long-run movements in nom- etarists to exert sonic but little lasting influence on inal economic variables such as nominal GNP, the nominal GNP expansion and, therefore, have little general price level, and market interest rates, Long— affect on short—run movements of output and employ— run movements in real economic variables such as ment. It is argued that Government expenditures Page 4 FEDERAL RESERVE BANK OF ST. LOUIS SEPTEMBER 1971 financed by taxes or borrowing from thd- public tend sibiiity’. Only one major fiscal action, the income tax to crowd out ox’er a fairly short period of time an cut of 1954, was undertaken for the purpose of influ- equal amount of prix~tdt expenditures, either by’ encing aggregate demand. An examination of the interest ratd- and price changes or by credit rationing. published minutes of the Federal Open Market Comn- There is somne influence exerted ovd-r the first part of mittee indicates that several mnonetary actions were the adjustmnent pc-nod by a given change in Govern— taken for the purpose of promoting economic stability’. mnent expenditures financed in this manner; eonse- Fromn 1952 to 1962, the United States’ money stock quentlv, an acceleration or deceleration in the rate increased at a 1.7 per cent a~-erageannual rate.
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