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Economic Commentary

The Monetary Targets in 1984

Every February, the Chairman of the Federal Reserve Board of Governors reports to Congress on the economy and presents objectives for monetary policy for the coming year. The chairman’s reports are required by the Full Employment and Balanced Growth Act of 1978 (Humphrey-Hawkins). In July, the chairman reviews the current years’ objectives and presents tentative objectives for the next year. These objectives are stated as annual target ranges for growth in the supply of money and credit. As Chairman Paul A. Volcker stated in his February 1984 report, “The ranges for 1984 are intended to be consistent with the basic policy objective of achieving long-lasting economic expansion in a context of continuing control of inflationary pressures.”

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Gavin, William T. 1984. “The Monetary Targets in 1984” Federal Reserve Bank of Cleveland, Economic Commentary 3/26/1984.