{"id":"https://openalex.org/W1527802400","doi":null,"title":"Did Financial Innovation Hurt the Great Monetarist Experiment","display_name":"Did Financial Innovation Hurt the Great Monetarist Experiment","publication_year":1984,"publication_date":"1984-01-01","ids":{"openalex":"https://openalex.org/W1527802400","mag":"1527802400"},"language":"en","primary_location":{"id":"mag:1527802400","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:aea:aecrev:v:74:y:1984:i:2:p:392-96","pdf_url":null,"source":{"id":"https://openalex.org/S23254222","display_name":"American Economic Review","issn_l":"0002-8282","issn":["0002-8282","1944-7981"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315912","host_organization_name":"American Economic Association","host_organization_lineage":["https://openalex.org/P4310315912"],"host_organization_lineage_names":["American Economic Association"],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"American Economic Review","raw_type":null},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":null,"display_name":"James L. Pierce","orcid":"https://orcid.org/0000-0002-6275-2449","observed_orcids":["https://orcid.org/0000-0002-6275-2449"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"James L. Pierce","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-6275-2449","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":5.668,"has_fulltext":false,"cited_by_count":19,"citation_normalized_percentile":{"value":0.94613711,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":"74","issue":"2","first_page":"392","last_page":"396"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-innovation","display_name":"financial innovation","score":0.8870000243186951},{"id":"https://openalex.org/keywords/monetarism","display_name":"monetarism","score":0.8949999809265137},{"id":"https://openalex.org/keywords/federal-reserve","display_name":"Federal Reserve","score":0.8450000286102295},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.8169999718666077},{"id":"https://openalex.org/keywords/money-growth","display_name":"money growth","score":0.6800000071525574},{"id":"https://openalex.org/keywords/money-multiplier","display_name":"money multiplier","score":0.35499998927116394},{"id":"https://openalex.org/keywords/monetary-aggregates","display_name":"monetary aggregates","score":0.5199999809265137},{"id":"https://openalex.org/keywords/federal-funds-rate","display_name":"federal funds rate","score":0.7459999918937683},{"id":"https://openalex.org/keywords/interest-rate-volatility","display_name":"interest rate volatility","score":0.6190000176429749},{"id":"https://openalex.org/keywords/money-supply-targeting","display_name":"money supply targeting","score":0.3919999897480011},{"id":"https://openalex.org/keywords/1980s-inflation","display_name":"1980s inflation","score":0.5960000157356262}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7730890512466431},{"id":"https://openalex.org/C54178654","wikidata":"https://www.wikidata.org/wiki/Q373177","display_name":"Monetarism","level":3,"score":0.7434344291687012},{"id":"https://openalex.org/C188198153","wikidata":"https://www.wikidata.org/wiki/Q1613840","display_name":"Limiting","level":2,"score":0.6867423057556152},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.6742053031921387},{"id":"https://openalex.org/C195742910","wikidata":"https://www.wikidata.org/wiki/Q176494","display_name":"Recession","level":2,"score":0.6528770923614502},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6345603466033936},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.5859410762786865},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5705336928367615},{"id":"https://openalex.org/C29185160","wikidata":"https://www.wikidata.org/wiki/Q874727","display_name":"Quantitative easing","level":4,"score":0.4743969440460205},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.4358604848384857},{"id":"https://openalex.org/C57031852","wikidata":"https://www.wikidata.org/wiki/Q5419533","display_name":"Excess reserves","level":5,"score":0.4353695213794708},{"id":"https://openalex.org/C2776736093","wikidata":"https://www.wikidata.org/wiki/Q13576850","display_name":"Money creation","level":4,"score":0.43489086627960205},{"id":"https://openalex.org/C3019461541","wikidata":"https://www.wikidata.org/wiki/Q1320100","display_name":"Slow growth","level":2,"score":0.41918373107910156},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.31826287508010864},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.14186576008796692},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"mag:1527802400","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:aea:aecrev:v:74:y:1984:i:2:p:392-96","pdf_url":null,"source":{"id":"https://openalex.org/S23254222","display_name":"American Economic Review","issn_l":"0002-8282","issn":["0002-8282","1944-7981"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315912","host_organization_name":"American Economic Association","host_organization_lineage":["https://openalex.org/P4310315912"],"host_organization_lineage_names":["American Economic Association"],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"American Economic Review","raw_type":null},{"id":"pmh:oai:RePEc:aea:aecrev:v:74:y:1984:i:2:p:392-96","doi":null,"is_oa":false,"landing_page_url":"http://links.jstor.org/sici?sici=0002-8282%28198405%2974%3A2%3C392%3ADFIHTG%3E2.0.CO%3B2-F&origin=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","score":0.5899999737739563,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":3,"referenced_works":["https://openalex.org/W606289554","https://openalex.org/W2051690935","https://openalex.org/W2054461753"],"related_works":["https://openalex.org/W150802583","https://openalex.org/W89093424","https://openalex.org/W2624765330","https://openalex.org/W1586613974","https://openalex.org/W3044428245","https://openalex.org/W1584923821","https://openalex.org/W611234656","https://openalex.org/W2478691050","https://openalex.org/W310697748","https://openalex.org/W18929187"],"abstract_inverted_index":{"In":[0,149],"October":[1],"1979,":[2],"the":[3,29,61,72,78,108,122,133,150,156,165,168,175,189,197,207,219,222,235,249,259,285,293,297,318,330,338,346,358,361,367,377,388,415,418,423,431,439,445,448,478,492,535,538],"Federal":[4,176,208,319],"Reserve":[5,177,209,320],"announced":[6],"a":[7,18,50,125,145,185,212,276,326,379,391],"new":[8,180],"commitment":[9],"to":[10,66,132,139,171,188,304,324,403,414,464,477,507,522],"fight":[11],"inflation.":[12],"It":[13,266],"signalled":[14],"its":[15,179],"resolve":[16],"by":[17,49,143,395,434,452],"shift":[19,44,186],"in":[20,40,45,52,77,158,196,245,437,481],"policy":[21,213,443],"tactics":[22,46],"that":[23,55,135,215,270,289,337,350,366,384,487,494,497,546],"placed":[24,56],"greater":[25],"emphasis":[26,35,58],"on":[27,36,59,92,272,329,466,509],"reducing":[28,371],"growth":[30,62,83,96,230,247,274,483,526,542],"of":[31,63,75,84,110,124,153,167,193,221,224,279,299,345,360,370,390,422,441,537,540],"money":[32,95,229,246,273,307,482,525,541],"and":[33,86,160,231,400,420,473,484,531,543],"less":[34,505],"limiting":[37,228],"short-run":[38],"fluctuations":[39,76,195,244,480],"interest":[41,287,398,485,544],"rates.":[42],"This":[43,409],"was":[47,113,120,184,216,275,302,321,340,373,387,533],"accomplished":[48],"change":[51],"operating":[53,181,236],"procedures":[54],"primary":[57,368],"controlling":[60],"reserves":[64,233],"available":[65],"depository":[67],"institutions":[68],"while":[69],"greatly":[70],"expanding":[71],"allowable":[73],"range":[74],"federal":[79,198],"funds":[80,199],"rate.":[81,200],"The":[82,242,489],"MI":[85,467,510],"other":[87,470,515],"monetary":[88,442,471],"aggregates":[89],"did":[90,295,457,474,500],"slow":[91],"average,":[93],"but":[94,107,118,301],"experienced":[97],"large":[98],"short-term":[99],"fluctuations.":[100],"Interest":[101],"rate":[102],"movements":[103],"increased,":[104],"as":[105,234],"advertised,":[106],"extent":[109],"their":[111],"fluctuation":[112],"severe.":[114],"Inflation":[115],"slowed":[116],"markedly,":[117],"this":[119,385],"primarily":[121],"consequence":[123,389],"severe":[126,147,392],"recession.":[127,148],"Events":[128],"gave":[129],"grim":[130],"testimony":[131],"truth":[134],"it":[136,428,462,503],"is":[137,202,353,496],"possible":[138],"reduce":[140],"inflation":[141,372],"quickly":[142],"producing":[144],"sufficiently":[146],"second":[151],"half":[152],"1982,":[154],"with":[155,161,218,240,254,405],"economy":[157],"disarray":[159],"growing":[162],"concern":[163],"about":[164,227],"ability":[166],"financial":[169,435,453,459,498],"system":[170],"withstand":[172],"further":[173],"strain,":[174],"abandoned":[178],"procedures.":[182],"There":[183,201,352],"back":[187],"more":[190],"comfortable":[191],"world":[192],"stabilizing":[194],"considerable":[203],"controversy":[204,356],"over":[205,357],"whether":[206,315],"actually":[210],"pursued":[211],"strategy":[214],"consistent":[217,239,253],"teachings":[220],"Book":[223],"Monetarism.":[225],"Concern":[226],"using":[232],"variable":[237],"are":[238,251],"monetarism.":[241,265],"extreme":[243,479],"during":[248,444,511],"period":[250],"not":[252,262,317,412,501,520,534],"monetarist":[255,327,425],"doctrine,":[256],"however.":[257],"Perhaps":[258],"Fed":[260,294],"had":[261,401],"really":[263,322],"embraced":[264],"may":[267],"have":[268,523],"found":[269],"focusing":[271],"convenient":[277],"means":[278],"absolving":[280],"itself":[281],"from":[282,342,491],"responsibility":[283],"for":[284,313,514],"record-high":[286],"rates":[288,399,486,545],"occurred.":[290,351,547],"Conversely,":[291],"perhaps":[292],"embrace":[296],"principles":[298],"monetarism,":[300],"unable":[303],"achieve":[305],"steady":[306],"growth.":[308],"We":[309,333],"shall":[310],"never":[311],"know":[312],"sure":[314],"or":[316],"trying":[323],"perform":[325],"experiment":[328,339,378,450],"American":[331],"economy.":[332],"do":[334,404],"known,":[335],"however,":[336],"far":[341],"pure":[343],"because":[344],"substantial":[347,355],"moneygrowth":[348],"volatility":[349,539],"also":[354],"success":[386],"experiment.":[426],"Some":[363],"observers":[364],"argue":[365],"aim":[369],"achieved;":[374],"they":[375],"proclaim":[376],"success.":[380],"Others":[381],"point":[382],"out":[383],"recession":[393],"produced":[394],"high":[396],"real":[397],"nothing":[402],"monetarism":[406],"per":[407],"se.":[408],"paper":[410],"does":[411,519],"contribute":[413,476],"debates":[416],"concerning":[417],"nature":[419],"great":[449],"Rather,":[427],"looks":[429],"at":[430],"role":[432],"played":[433],"innovation":[436,460,475,499,518,532],"complicating":[438],"pursuit":[440],"period.":[446],"Was":[447],"hurt":[451],"innovation?":[454],"More":[455],"specifically,":[456],"rapid":[458],"make":[461,502],"infeasible":[463],"target":[465,508],"(or":[468],"some":[469],"aggregate),":[472],"occurred?":[488],"conclusions":[490],"discussion":[493],"follows":[495],"any":[504],"feasible":[506],"1979-82":[512],"than":[513],"periods.":[516],"Financial":[517],"appear":[521],"made":[524],"an":[527],"unusually":[528],"unreliable":[529],"target,":[530],"source":[536]},"counts_by_year":[{"year":2016,"cited_by_count":2},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2016-06-24T00:00:00"}