Bücher der Reihe Rochester Studies in Managerial Economics and Policy

Karl Brunner Monetary affairs have preoccupied observers over the ages. The monetary disarray experienced throughout history was crucially influenced by the prevailing monetary arrangements. Under the circumstances, the political issue confronting us bears on the useful choice of monetary arrangements.

The original impetus for this research was provided several years ago by a request to assist Counsel for Fidelity Management and Research Corporation in analyzing the mutual fund industry, with particular emphasis on money market mutual funds.

The tragic sequence of events shaped public consciousness and influenced new approaches and views in economic policymaking. The view of a radically unstable economic process perennially on the edge of serious collapse gained wide popularity and became a central element of the Keynesian tradi- 2 INTRODUCTION tion.

Some academic endeavors pursued within a traditional range of economic analysis have appeared increasingly remote from broad social issues, motivating the social and intellectual unrest experienced in recent years.

The original impetus for this research was provided several years ago by a request to assist Counsel for Fidelity Management and Research Corporation in analyzing the mutual fund industry, with particular emphasis on money market mutual funds.

Karl Brunner Monetary affairs have preoccupied observers over the ages. The monetary disarray experienced throughout history was crucially influenced by the prevailing monetary arrangements. Under the circumstances, the political issue confronting us bears on the useful choice of monetary arrangements.

As prices stayed at low levels, while those of other materials recovered over the 1983-1986 period, the question became that of why metals prices had remained at startlingly low levels for over five years.