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additional adjustment amount analysis appear assets associated authorities average balances bank loans bankers banking system bonds borrowers branch branch banking capital cash changes commercial banks companies competition consumer corporate cost currency debt decline demand deposits dependent discount earning economic effects equation excess existing expansion expected fact Figure firms function funds given growth holdings important income increase indicate individual industrial institutions interest interest rates intermediaries investment issue lending less limited liquid loose means member banks ment million monetary policy money supply national banks notes operations percent period position possible present profit rates ratio reason relation relative reserve requirements restriction rise savings securities shift significant sources Table tend theory tight tion unit banks variable yields York
147 페이지 - ... constant." Now this it is not; and its failure to be so, first during and after World War I and then, to a lesser extent, after the crash of 1929, helped greatly to foster the reaction against the quantity theory. The studies in this volume...
147 페이지 - ... over short periods in the stock of money and in prices, the one is invariably linked with the other and is in the same direction; this uniformity is, I suspect, of the same order as many of the uniformities that form the basis of the physical sciences. And the uniformity is in more than direction. There is an extraordinary empirical stability and regularity to such magnitudes as income velocity that cannot but impress anyone who works extensively with monetary data. This very stability and regularity...
148 페이지 - ... of money. It is possible, for example, to demonstrate statistically that during the last few years the volume of spending has greatly increased while the supply of money has hardly changed: the velocity of money has increased.
47 페이지 - System shall retain its full charter and statutory rights as a State bank or trust company, and may continue to exercise all corporate powers granted it by the State in which it was created, and shall be entitled to all privileges of member banks...
143 페이지 - In brief, the amount of money desired may not increase when the rate of interest falls, even though the amount of liquidity desired does increase. At least part of the accumulation of liquidity is likely to take the form of interest-bearing near monies instead of nonearning cash. In comparison with Model B, the demand for idle cash balances will have contracted throughout the range of interest rates, even though the liquidity preference function may have remained stable. Under these circumstances,...
376 페이지 - Federal Reserve Operations in the Money and Government Securities Markets (New York: Federal Reserve Bank of New York, 1956), esp.
146 페이지 - Restatement," in Studies in the Quantity Theory of Money, and Chapter 1 in A Program for Monetary Stability. Friedman prefers to view the Quantity theory as a theory of the demand for money rather than a theory of income determination, with the addition of the supply of money necessary before income can be determined. However, this is a purely semantic matter. In the same sense, neither is orthodox Keynesian theory a theory of income determination until the supply of money is given.
139 페이지 - ... the form of the Quantity theory of money, had been concerned almost exclusively with the determination of the general level of prices, to the neglect of the influence of money on real output and employment. As expressed by Jean Bodin in 1569, through John Locke, David Hume, David Ricardo, John Stuart Mill, and Irving Fisher, the Quantity theory had always stressed that the supply of money determined primarily the absolute price level. The velocity of money was held to be an institutional datum...
145 페이지 - The factor which monetary policy should seek to influence or control is something that reaches far beyond what is known as 'the supply of money.