titanic, ffr, FOMC, monetary control, Open Market Operations, SOMA, fed funds rate

It's high time that I got 'round to the subject of "monetary control," meaning the various procedures and devices  the Fed and other central banks employ in their attempts to regulate the overall availability of liquid assets, and through it the general course of spending, prices, and…

deflation, inflation, price level, productivity, velocity of money

Changes in the general level of prices are capable, as we've seen, of eliminating shortages or surpluses of money, by adding to or subtracting from the purchasing power of existing money holdings.  But because such changes place an extra burden on the price system, increasing the likelihood…