The act also created the president’s Council of Economic Advisers.
The Phillips curve is a negative, statistical relationship between inflation (or nominal wage growth) and the rate of unemployment. It is named after British economist A.W. Phillips, who is often credited with the revelation of the relations. Phillips, A.W. "The Relationship between Unemployment and the Rate of Change of Money Wages in the United Kingdom 1861–1957." Economica 25, no. 100 (1958): 283–99. http://www.jstor.org/stable/2550759.
Dollars were convertible for gold by foreign governments and central banks. For domestic purposes, the US dollar was separated from gold in 1934 and has remained unconvertible since.
The concept of core inflation—the measurement of aggregate prices excluding food and energy goods—has its origin about this time.
The Humphrey-Hawkins Act expired in 2000; the Federal Reserve continues to provide its Monetary Policy Report to Congress on a semiannual basis.
Friedman, Milton. “The Role of Monetary Policy.” American Economic Review 58, no. 1 (March 1968): 1–17.
Gordon, Robert J. “Alternative Responses of Policy to External Supply Shocks.” Brookings Papers on Economic Activity 6, no. 1 (1975): 183–206.
Meltzer, Allan H., “Origins of the Great Inflation,” Federal Reserve Bank of St. Louis Review 87, no. 2, part 2 (March/April 2005): 145-75.
Meltzer, Allan H. A History of the Federal Reserve, Volume 2, Book 2, 1970-1986. Chicago: University of Chicago Press, 2009.
Orphanides, Athanasios, “Monetary Policy Rules Based on Real-Time Data,” Finance and Economics Discussion Series 1998-03, Federal Reserve Board, Washington, DC, December 1997.
Orphanides, Athanasios, “Monetary Policy Rules and the Great Inflation,” Finance and Economics Discussion Series 2002-08, Federal Reserve Board, Washington, DC, January 2002.
Phelps, E.S. “Phillips Curves, Expectations of Inflation and Optimal Unemployment Over Time.” Economica 34, no. 135 (August 1967): 254–81.
Phillips, A.W. "The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom 1861–1957." Economica 25, no. 100 (1958): 283–99.
Siegel, Jeremy J. Stocks for the Long Run: A Guide to Selecting Markets for Long-Term Growth, 2nd ed. New York: McGraw-Hill, 1994.
Steelman, Aaron. “The Federal Reserve’s ‘Dual Mandate’: The Evolution of an Idea.” Federal Reserve Bank of Richmond Economic Brief no. 11-12 (December 2011).
Written as of November 22, 2013. See disclaimer.