Since the late 1980s, under Alan Greenspan, the Fed's operating instructions to the New York trading desk typically took the form of A) a short-term interest rate target. B) ^{an M}1 ^target. C) ^{an M}3 ^target. D) a nominal GDP target. E) a real GDP target.

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Since the late 1980s, under Alan Greenspan, the Federal Reserve's operating instructions typically focused on targeting a short-term interest rate, such as the federal funds rate, as their primary monetary policy tool.

Since the Late 1980s, Under Alan Greenspan, the Fed's Operating