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The punch bowl, the party, the exit
Macroblog (Federal Reserve Bank of Atlanta), The punch bowl, the party, the exit by David Altig
AUTHOR(S): Altig, David, 1956-
DATE: February 13, 2010
PART OF: Macroblog (Federal Reserve Bank of Atlanta)
fraser.stlouisfed.org/.../macroblog-federal-reserve-bank-atlanta-8601/punch-bowl-party-exit-666676

Classroom Lesson: Removing the "Punch Bowl" : Inflation and the Federal Reserve’s Use of Contractionary Monetary Policy
This lesson focuses on contractionary monetary policy by analyzing a 1955 primary source document of a speech Federal Reserve Chair William McChesney Martin Jr. gave. In his speech, Martin made the famous analogy that in times of economic expansion the Fed should "remove the punch bowl" before the party gets out of hand. Students will develop critical thinking skills through this primary document analysis and develop data literacy skills through FRED® graph analysis.
GRADE LEVEL: 10-12
PART OF: Teaching and Learning With FRASER®
fraser.stlouisfed.org/title/classroom-lesson-removing-punch-bowl-6828

Uncurrent Events: Martin’s Punch Bowl Metaphor | Inside FRASER Blog | Discover Economic History | St. Louis Fed
Perhaps the most frequent metaphor for the Federal Reserve’s role in managing the economy involves a punch bowl and a party. Although it is often paraphrased, the actual quote is “The Federal Reserve…is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.” In October 1955, Fed Chair William McChesney Martin, Jr. delivered a speech to the New York Group of the Investment Bankers Association of America. In that speech, Martin de
fraser.stlouisfed.org/blog/2016/03/martins-punch-bowl-metaphor

Address before the New York Group of the Investment Bankers Association of America
William McChesney Martin's Punch Bowl (Punchbowl) speech describes the Federal Reserve as a 'chaperone who has ordered the punch bowl removed just when the party was really warming up.' Earlier in the speech, Martin explains this: 'In the field of monetary and credit policy, precautionary action to prevent inflationary excesses is bound to have some onerous effects... Those who have the task of making such policy don't expect you to applaud.' In short, the punch bowl metaphor describes the Fed's job as tightening monetary policy before inflation gets out of control. Later Fed Chairs and other economic policymakers have used the 'punch bowl' metaphor in their descriptions of Fed's monetary policy actions.
AUTHOR(S): Martin, William McChesney; Board of Governors of the Federal Reserve System (U.S.), 1935-
DATE: October 19, 1955
PART OF: Statements and Speeches of William McChesney Martin, Jr.
fraser.stlouisfed.org/.../address-new-york-group-investment-bankers-association-america-7800

Supporting Price Stability
Macroblog (Federal Reserve Bank of Atlanta), Supporting Price Stability by David Altig
AUTHOR(S): Altig, David, 1956-
DATE: October 9, 2012
PART OF: Macroblog (Federal Reserve Bank of Atlanta)
fraser.stlouisfed.org/.../supporting-price-stability-660648

Economic Outlook, June 2013 : Judicial Conference of the Fourth Circuit, White Sulpher Springs, W.Va.
Statements and Speeches of Jeffrey M. Lacker, Economic Outlook, June 2013 : Judicial Conference of the Fourth Circuit, White Sulpher Springs, W.Va. by Jeffrey Malcolm Lacker, Federal Reserve Bank of Richmond
AUTHOR(S): Lacker, Jeffrey Malcolm; Federal Reserve Bank of Richmond
DATE: June 28, 2013
PART OF: Statements and Speeches of Jeffrey M. Lacker
fraser.stlouisfed.org/.../economic-outlook-june-2013-678723

Remarks on the Resignation of H. Robert Heller
Statements and Speeches of Robert P. Forrestal, Remarks on the Resignation of H. Robert Heller by Robert P. Forrestal, Federal Reserve Bank of Atlanta
AUTHOR(S): Forrestal, Robert P.; Federal Reserve Bank of Atlanta
DATE: July 5, 1989
PART OF: Statements and Speeches of Robert P. Forrestal
fraser.stlouisfed.org/.../remarks-resignation-h-robert-heller-521192

The Fed's Impact on the Massachusetts Economy : Remarks at 1994 Boston Globe 100 Companies Breakfast, Boston
Statements and Speeches of Cathy E. Minehan, The Fed's Impact on the Massachusetts Economy : Remarks at 1994 Boston Globe 100 Companies Breakfast, Boston by Cathy E. Minehan, Federal Reserve Bank of Boston
AUTHOR(S): Minehan, Cathy E.; Federal Reserve Bank of Boston
DATE: June 8, 1994
PART OF: Statements and Speeches of Cathy E. Minehan
fraser.stlouisfed.org/.../feds-impact-massachusetts-economy-677960

When independence begets accountability
Macroblog (Federal Reserve Bank of Atlanta), When independence begets accountability by David Altig
AUTHOR(S): Altig, David, 1956-
DATE: January 11, 2010
PART OF: Macroblog (Federal Reserve Bank of Atlanta)
fraser.stlouisfed.org/.../independence-begets-accountability-666682

The Importance of Financial Conditions in the Conduct of Monetary Policy : Remarks at the University of South Florida Sarasota-Manatee, Sarasota, Florida
Statements and Speeches of William C. Dudley, The Importance of Financial Conditions in the Conduct of Monetary Policy : Remarks at the University of South Florida Sarasota-Manatee, Sarasota, Florida by Federal Reserve Bank of New York, William C. Dudley
AUTHOR(S): Federal Reserve Bank of New York; Dudley, William C.
DATE: March 30, 2017
PART OF: Statements and Speeches of William C. Dudley
fraser.stlouisfed.org/.../importance-financial-conditions-conduct-monetary-policy-619049

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