United States Monetary Policy: Recent Thinking and Experience: Hearings Before the Subcommittee on Economic Stabilization of ..., 83-2 ..., December 6 and 7, 19541954 - 331 pages |
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 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...
Page 129 - The committee will stand in recess until 2 o'clock. (Thereupon, at 12:25 pm, a recess was taken until 2 pm, the same day.) AFTERNOON SESSION The subcommittee reconvened at 2 pm, upon the expiration of the recess.