United States Monetary Policy: Recent Thinking and Experience. Hearings Before the Subcommittee on Economic Stabilization of the Joint Committee on the Economic Report, Congress of the United States, Eighty-third Congress, Second Session, Pursuant to Sec. 5(a) of Public Law 304, 79th Congress. December 6 and 7, 1954 |
Common terms and phrases
action amount balances bank reserves banking system billion Board of Governors borrowing buying capital cash central bank Chairman chart commercial banks Congress credit policy debt management demand depositaries deposits developments disorderly dollars effect employment excess reserves fact factors Federal Open Market Federal Reserve Bank Federal Reserve System fiscal funds Government bonds Government securities market increase inflation inflationary interest rates intervention investment investors issues long-term maintain market for Government market operations MARTIN maturity member banks ment monetary policy money market mortgage objectives open market account Open Market Committee open-market operations pegging percent period portfolios positions present president price level problem purchases question reduce refunding Representative PATMAN repurchase agreements reserve requirements responsibility result Secretary HUMPHREY sectors Senator DOUGLAS Senator FLANDERS Senator GOLDWATER SMUTNY Sproul subcommittee supply tax and loan techniques tion trading desk transactions Treasury bills Treasury securities volume York
Popular passages
Page 290 - The National City Bank of New York 55 Wall Street, New York, 15, NY Committee for North America NEWCOMB CARLTON, Chairman DR.
Page 4 - The Treasury and the Federal Reserve System have reached full accord with respect to debt-management and monetary policies to be pursued in furthering their common purpose to assure the successful financing of the Government's requirements and, at the same time, to minimize monetization of the public debt.
Page 34 - It makes no more specific recommendation on general monetary and debt-management policies for the immediate future. (A discussion of more general principles appears later in this report, see pp. 31-41.) The Subcommittee believes that general monetary, credit, and fiscal policies should be the Government's primary and principal means of promoting the ends of price stability and high-level employment and that whenever possible reliance should be placed on these means in preference to devices such as...
Page 34 - We shall deal with our economic system as it is and as it may be modified, not as it might be if we had a clean sheet of paper to write upon; 15 and step by step we shall make it what it should be...
Page 3 - United States Monetary Policy : Recent Thinking and Experience," hearings before the Subcommittee on Economic Stabilization of the Joint Committee on the Economic Report, 83d Cong..
Page 32 - Past differences in policy between the Treasury and the Federal Reserve Board have helped to encourage inflation. Henceforth, I expect that their single purpose shall be to serve the whole Nation by policies designed to stabilize the economy and encourage the free play of our people's genius for individual initiative.
Page 34 - We recommend not only that appropriate, vigorous, and coordinated monetary, credit, and fiscal policies be employed to promote the purposes of the Employment Act, but also that such policies constitute the Government's primary and principal method of promoting those purposes.
Page 257 - Eeserve policy, equivalent or alternative to changes in discount rates or in reserve requirements. They provide a continuously available and flexible instrument of monetary policy for which there is no substitute, an instrument which affects the liquidity of the whole economy. They permit the Federal Reserve System to maintain continuously a tone of restraint in the market when financial and economic conditions call for restraint, or a tone of ease when that is appropriate. They constitute the only...
Page 14 - To bring discount rates as well as buying rates on acceptances into closer alinement with open-market money rates and to provide an additional deterrent to member bank borrowing from the Reserve banks. To reduce margin requirements from the high level imposed early in 1951, in the judgment that the lower requirement would be adequate to prevent excessive use of credit for purchasing and carrying stocks. To provide banks with reserves and to permit a reduction of member bank borrowing from the Reserve...
Page 219 - Department of the Wharton School of Finance and Commerce of the University of Pennsylvania.