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Economic Commentary

Humphrey-Hawkins: The July 1988 Monetary Policy Report

A review of the Federal Reserve’s Monetary Policy Reports to Congress over the last few years reveals a decline in the role of the monetary aggregates in the policy process. The Federal Open Market Committee’s projections of economic conditions supplement the money targets in evaluating current policy intentions, particularly in regard to price stability.

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., and John McElravey. 1988. “Humphrey-Hawkins: The July 1988 Monetary Policy Report” Federal Reserve Bank of Cleveland, Economic Commentary 8/1/1988.