FOMC Policy: 1970 and Beyond

John H. Kareken

JHK

John H. Kareken University of minnesota

IN THIS PAPER, I describe Federal Open Market Committee, or FOMC, policy of the eight months January-August 1970. And I present some guesses—based on the FRB-MIT-Penn econometric model—of real gross national product (GNP) and interest rates in 1971 for alternative future FOMC policies.