Monetary policy and theory have been greatly transformed since Dale Henderson, Richard Porter, and Peter Tinsley (HPT) first crossed the Board's threshold more than thirty years ago. Judging from the sustained levels of robust growth and moderate rates of inflation in the United States since the early 1980s, both theory and policy have moved in a welfare-improving direction. The dramatic evolution of monetary policy during HPT's tenure simply cannot be overstated. A revolution took place during their watch, and as the custodians and facilitators of research at the Federal Reserve Board, these three amigos should certainly take some credit.
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Hess, Gregory. “Discussion: Narrow Money, Broad Money, and the Transmission of Monetary Policy,” in Models and Monetary Policy: Essays in the Tradition of Dale Henderson, Richard Porter and Peter Tinsley, Eds. Jon Faust, Athanasios Orphanides and David Reifschneider, Board of Governors of the Federal Reserve System, Washington, D.C., 2005.