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The Costs of Inflation and Depression
General Strategy for the Transition
Price Control in the Transition
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achieved aggregate demand average backlogs bank reserves billion bond market budget built-in flexibility cash holdings cent Committee for Economic consumers corporate taxes costs deficiency of demand demobilization deposits Economic Development effect excess of demand expansion expenditures Federal Reserve Banks financing fiscal and monetary forces government bonds government securities high employment high levels higher important income tax industries inflation and depression inflationary pressure John Maurice Clark labor levels of employment liquid assets loans market demand measures ment monetary policy money supply necessary nonbank operations output payments peacetime possible postwar present prewar price ceilings price control price increases price relief price-control authority problems production public's holdings real wage rates recommend reconversion reduce refunds rent ceilings Research Advisory Board Research Committee Research Director reserve requirements revenue rise security reserve shortage stability surplus taxpayers temporary tion transition policy V-J Day wage increases wartime