Fellow members of the Bank of Korea, I am filled all the more with emotion now because today’s ceremony celebrating the Bank of Korea’s foundation will be the last event held in this building, which has been with us here for 50 years. We must make sure that the construction and renovation project preparing our new home is successful.
3  Indeed, the Federal Reserve’s adherence to the real bills doctrine - which counseled against active monetary management in favor of supplying money only as required to meet "the needs of trade" - gave the new institution little reason to pay attention to changes in the money stock. See Humphrey (1986) for a history of the real bills doctrine.