United States Monetary Policy: Recent Thinking and Experience: Hearings Before the Subcommittee on Economic Stabilization of ..., 83-2 ..., December 6 and 7, 1954
1954 - 331 pages
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action activity amount authorities balances basis billion bills Board bonds borrowing buying capital cash Chairman consideration continued dealers debt decisions demand deposits desirable developments direct discussion economic effect employment executive fact factors Federal Open Market Federal Reserve Bank Federal Reserve Board financing function funds going Government securities hold important increase individual inflation interest interest rates intervention investment investors issues loans long-term maintain MARTIN maturity means meet ment monetary policy months objectives offered Open Market Committee operations percent period positions practice present president problem production purchases question raise rates reason Representative PATMAN requirements respect responsibility result rise savings Secretary HUMPHREY Senator DOUGLAS Senator FLANDERS short-term situation stability statement subcommittee suggested supply System thing tion transactions Treasury United volume yields York
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; and step by step we shall make it what it should be...
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 219 - Department of the Wharton School of Finance and Commerce of the University of Pennsylvania.
Page 186 - That all associations under this act, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, except receipts from customs, under such regulations as may be prescribed by the Secretary...
Page 185 - Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them.
Page 203 - Thank you, Mr. Chairman. I am not a member of the subcommittee...
Page 186 - The Secretary of the Treasury shall require the associations thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safekeeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government.
Page 32 - But we believe that the advantages of avoiding inflation are so great and that a restrictive monetary policy can contribute so much to this end that the freedom of the Federal Reserve to restrict credit and raise interest rates for general stabilization purposes should be restored even if the cost should prove to be a significant increase in service charges on the Federal debt and a greater inconvenience to the Treasury in its sale of securities for new financing and refunding purposes.
Page 4 - Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System...