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Boom and Depression
Objectives and Guides
Use of the Tools
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agreement bank reserves Board of Governors boom buying cent central bank Chairman credit expansion currency debt management demand depression discount rate discount window discussion dollar economic effective excess reserves Executive Committee Federal Open Market Federal Reserve authorities Federal Reserve Bank Federal Reserve notes Federal Reserve officials Federal Reserve policy Federal Reserve System flexibility foreign exchange foreign exchange markets funds Government securities market increase inflation inflationary interest rates issues liquidation loans long-term maintain Market Policy Conference market rates maturities member banks member-bank borrowing ment securities million monetary policy needed objectives Open Market Committee open market operations open market policy orderly pattern of rates policy formulation policymakers postwar preferential rate problem recovery repurchase agreements Reserve Bank credit Reserve Bank presidents reserve positions reserve requirements responsibility restraint result role short-term rates stability System officials tion transactions Treasury bills Treasury officials Treasury securities volume of excess York