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The Money Stock and Its Three Determinants
Contributions of the Three Determinants to the Rate
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adjusted amount amplitude assets balances bank reserves behavior business activity business contractions business cycles cent change in high-powered Chart commercial banks computed correlation currency ratio currency-expenditures ratio currency-money ratio decline demand deposits economic effect evidence explain factors Federal Reserve Act Federal Reserve Banks Federal Reserve credit Federal Reserve System gold flows gold stock high-powered money high-powered reserves important increase interest rates issue June loans long-run member banks mild cycles monetary growth money series money stock mutual savings banks national or member neJu nongold sources nonwar offset output peak period powered money price movements rate of change Reference Cycle Patterns reference peaks reflect relative contributions required reserves Reserve credit outstanding reserve requirements rise secular movements severe cycles shifts short-run sources of change specific cycles stages Table A-l three determinants Treasury operations trend trough U.S. bonds U.S. gold usable ratio usable reserve ratio variations