Cover Page -- Title Page -- Copyright Page -- Contents -- List of Tables -- Preface -- Acknowledgments -- One Introduction -- Two Federal Reserve Behavior: A Verbal Analysis -- Friedman and Schwartz's Theory of Inconsistent Behavior -- Wicker's "International" Theory -- The "Domestic" Theory of Brunner and Meltzer -- Similarities and Differences in the Alternative Explanations -- Criticism -- More on Federal Reserve Policy -- Summary -- Three Federal Reserve Behavior: Quantification and Testing -- The Assumption of a Disutility Function -- The Two Models: An Overview -- Model I: The Short-Term Money Market as the Goal -- Model II: The Ultimate Target Variables as the Goals -- The Time Period and the Data Used in Testing -- Results of Tests of Model I -- Results of the Tests of Model II -- Further Results and a Comment on Alternative Formulations -- Conclusions -- Four Summary -- Appendix -- Bibliography -- Index