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Fiscal Policy Government Expenditures and Debt
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_ I _ active ease bank deposits BANK OF BOsTON banking system cash surplus cent commercial banks consumer creasing credit control credit restraint debt management deﬁcit deﬂation demands for credit discount rate dollar economic stability effect employment excess reserves expansion Federal Housing Administration Federal Reserve Act Federal Reserve Banks Federal Reserve System Fighting Inﬂation ﬁnancial ﬁnancing ﬁrms ﬁrst forces gain in productivity government securities gross national product higher income increased productivity inﬂationary period inﬂationary pressures inﬂuence instability interest rates investment labor lending level of prices market rates ment monetary and credit money supply o o o Q offset open market operations output price level productive capacity programs Q o o o recession reduced reﬂected required reserves reserve funds reserve requirements result selective controls signiﬁcant supply of money taxes Treasury U. S. savings bond wage increases