This report discusses the current state of monetary policy. Questions about the continued capability of the Federal Reserve System (FRS) to exercise effective monetary control were raised in connection with several developments over recent years that diminished, in relative terms, the deposit component of the stock of money over which the FRS maintained reserve requirement controls. The Monetary Control Act, Title 1 of P.L. 96-221 was designed to ensure that the FRS as ability to conduct monetary policy is not diminished. This Act, signed into law on Mar. 31, 1980, is one of the few major amendments to the original Federal Reserve Act of 1913.

This report is about federal reserve membership and monetary control.

The scope of the contract covers the development and evaluation of forming solar cell collector grid contacts by the MIDFILM process. This is a proprietary process developed by the Ferro Corporation which is a subcontractor for the program. The MIDFILM process attains line resolution characteristics of photoresist methods with processing related to screen printing. The surface to be processed is first coated with a thin layer of photoresist material. Upon exposure to ultraviolet light through a suitable mask, the resist in the non-pattern area cross-links and becomes hard. The unexposed pattern areas remain tacky. The conductor material is applied in the form of a dry mixture of metal and frit particles which adher to the tacky pattern area. The assemblage is then fired to ash the photo-polymer and sinter the fritted conductor powder. Progress is reported. (WHK)

Research and development work on the hydrochlorination of SiCl/sub 4/ and m.g. silicon metal to SiHCl/sub 3/ is reported. Activities include a series of experiments to study the life of the Si mass bed. The effect of prolonged reaction on the rate of the hydrochlorination reaction was studied, and a material balance on the reaction was made. A corrosion study was made on Incoloy 800 as the selected material of construction for the hydrochlorination reactor in the Union Carbide EPSDU. (WHK)

The UNSPEC code is used to solve the problem of unfolding an observed x-ray spectrum given the response matrix of the measuring system and the measured signal values. UNSPEC uses an iterative technique to solve the unfold problem. Due to experimental errors in the measured signal values and/or computer round-off errors, discontinuities and oscillatory behavior may occur in the iterated spectrum. These can be suppressed by smoothing the results after each iteration. Input/output options and control cards are explained; sample input and output are provided. (RWR)