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Economic Commentary

Deregulation, Money, and the Economy

Nothing complicates the life of an economist quite like institutional change. When institutions change, patterns of behavior change, and long-standing economic relationships may break down. It often takes time for new behavioral patterns to stabilize and hence for new relationships to emerge. This lag frustrates the economist, who often must rely on historical relationships as a basis for analysis.

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

Carlson, John B. 1991. “Deregulation, Money, and the Economy.” Federal Reserve Bank of Cleveland, Economic Commentary 3/1/1991.