F10 Sunday, November 11,1779  
-	Investors are still sorting out the meaning of the latest credit tightening moves by the Federal Reserve. If the Fed follows through on its announced, intentions, the long-term implications go well beyond a temporary increase in interest rates and a sharp decline in ^ÐÊtock prices on record volume.</br></br>ÛÏ Interest rates and stock prices may. 3be more volatile in the future than in the past, a depressing prospect to investors who have endured the volatile -markets of the 1970s. The market may ;be more volatile because the Fed seems to have given up its role in stabilizing interest rates.</br></br>The Fed can control either the quantity of money or its price in terms of interest rates, but not both. For decades the Fed chose to keep interest rates as stable as possible while allowing the growth of the money supply to -fluctuate over a wide range. Now the ::Fed seems ready to control the money ;å¨upply tightly while accepting more -volatility in interest rates.</br></br>; The departure from controlling in--terest rates represents another nail in Ithe coffin of the Keynesian theory ;that has dominated economics for the past generation. For decades the Fed practiced the Keynesian precept that interest rates are more important than monetary growth, but its latest move aligns it more closely with the monetarist school of economics.</br></br>-	Monetarists such as Milton Fried* -man have advocated greater control ;over money supply growth for years, a