Stabilization of Price Level Stabilizing the total quantity of money Stabilizing MV Stabilization of monetary demand for current output

Transcription

1 OBJECTIVES OF MONETARY POLICY Stabilization of Price Level Stabilizing the total quantity of money Stabilizing MV Stabilization of monetary demand for current output

2 3 * ^ p ^ q cjooi. U^ Digitized for FRASER

3 ADARKAR, Bhalchandra P THE THEORY OF MONETARY POLICY. London: P. S. King & Son, Ltd., Pp. xi, 125. Review: by Lloyd Mints, JPE, v. xlv, Feb. 1937, pp

4 ANGELL, J. V. "The general objectives of monetary policy, in THE LESSONS OF MONETARY EXPERIENCE (ed. by A. D. Gayer). Netw York* Farrar & Rinehart, 1937.

5 ANGELL, J. V. Monetary control and general business stabilization, in ECONOMIC ESSAIS IN HONOUR OF GUSTAV CASSEL. London: 1933, pp

6 BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM "Influence of credit and monetary measures on economic stability," FEDERAL RESERVE BULLETIN, Feb. 1953, pp , and March, 1953, pp

7 Board of Governors 0f the Federal Reserve System "Objectives of Monetary Policy. tf Statement suhaitted to the Chairman of the Senate Committee on Agriculture and forestry on August^ 1937, and reprinted in 2eth Annual Report of the Board of Governors of the Federal Reserve System Covering Operations for the Year Washington, 1933.

8 BOPP, Karl R. "Central Banking Objectives, Guides, and Measures," THE JOURNAL OF FINANCE, IX, March 1954, PP

9 BOPP, Karl R. Central banking objectives, guides, and measures, JOURNAL OF HNANCE, March, pp.

10 BOPP, Karl R, "Central Banking.* Philadelphia, Federal Reserve Bank of Philadelphia, Nov. 5 f 1943.

11 BURGESS, V. Randolph "The statistical equivalent of gold,* JOUBNAL OF THE AMERICAN STATISTICAL ASSOCIATION, Vol. 33, March 1938, pp Relation between gold and monetary policy Consideration of guides for credit policy

12 BURGESS,. R. Central banking, BANKING, June, Pp. 3.

13 BURGESS, V* Randolph Guides to Bank of Issue Policy, PROCEEDINGS of the Academy of Political Science, HH, November* 1930

14 BUR}ESS, We R. A Balance Wheal of Gold, SURVEY GRAPHIC, April, US had gone along way in technique of preventing gold movement from being a source of disturbance in our financial system. manipulation of F*R. control devices to stabilise the gold movement see also chap. 14 of his book, RESERVE BANKS AND THE MONET MARKET (New York, 1927 ed.)

15 < The Probtert of

16 CASSEL, GustaT "The rate of interest, the bank rate, and the stabilization of prices." QUARTERLY JOURNAL Of ECONOMICS, August pp. The control of the quantity of the aonetaiy unit in a- countiy is in the hands of the central bank and the ultimate means for effecting this control is the bank rate* This rate should correspond to the natural rate of interest bripging about equilibrium in the s/d for disposal of capital* In practice this t"ate will be the one that maintains stability in the general level of prices*

17 CASSEL, Gustav POST-VAR MONETABI STABILIZATION. New York: Monetary stabilization 1 approach

18 COMMONS, J. R. The stabilization of prices and business, AMERICAN ECONOMIC REVIEW, vol. XV, March, 1925.

19 COMMONS, John R. Price stabilization and the Federal Reserve System. New York; Pp. 8.

20 EDIE, Lionel (Editor) THE STABILIZATION OP BUSINESS. New Torkt Macmillan, Pp. xii, 400.

21 EGLE, Walter "The 'Monetary* Conditions of Economic Stability," THE AMERICAN ECONOMIC REVIEW, XXVIII, September, 1938, pp. 4g 'flexibility' vs. 'monetary stabilization' approach

22 A?*r?etaru Measures?*rd Okjethu** *'

23 FEDERAL RESERVE BULLETIN Objectives of Monetary Policy, September, 1937

24 FERGUSSON, Donald A.* Price-level stabilization and full employment as objectives of monetary policy, (University of Chicago) JOUENAL OF BUSINESS, July, 1951.

25 PISHIR, Irviifc STABILIZING THE DOLLAR. New Torkj THE MONET ILLUSION. New Torki especially chap. 4.

26 FISHER, Irving STABILIZING THE DOLLAR. New York: 'Monetary stabilization' approach

27 Writings of Irving Fishers "Stabilizing the Dollar" Keynes, "Monetary Reform." Goldsboroigh Bill (H.R ) late 1922 Strong Amendment to F.R. Aet (1926)

28

29 FORTH, J. H. Central Bank Policies and Economic Equilibrium* Transcript of a lecture given at the Department of State, Februad^, Washington: Department of State, Foreign Service Iastitute, pp*

30 GOLDENWEISER, E. A. Federal Reserve objectives and policies: Retrospect and Prospect, AMERICAN ECONOMIC REVIEW, XXXVII, June, 1947, pp

31 xx Federal ^filseroc Obj^friae^ a>a<± ^li^'a^ >ust>ies? twlcxu kj<x(aaj> {^dbaaxu

32 GOLDENIEISIR, I. A- House Committe on Banking and Currency during discussion of Strong Bill House of Representatives, 70 Congress, 1 Session, onh.r , March 19, 1928, pp. 2Jff.

33

34 HARDY, Charles C. A Monetary Mechanism, in GOVERNMENT AND ECONOMIC LIFE. DEVELOPMENT AND CURRENT ISSUES OF AMERICAN PUBLIC jfolicy, by Leverett S. Lyon, Myron V. Vatkins, and Victor Abramson. Washington: Brookings Institution, 1939, chap. VII, pp

35 HERSEY, Arthur "Historical Review of Objectives of Federal Reserve Policy," FEDERAL RESERVE BULLETIN, April, 1940.

36 M e rse H, %dbtaj PL** Prt,^, " fi&zl

37 HODGSON, J. G., Compiler STABILIZATION OF MONEY. New York: The H. V. Wilson Co., Pp The Reference Shelf, Vol. VIII, No. 7.

38 HOOLEI, R. Goals in Federal Reserve Credit Policy, BEBIEH OF SOCIAL ECONOMY, ECU, No. 2, September, 1955*

39 JACKSON, F. A. Price-level stabilization through monetary control. New York: Nev York University, Pp. 19.

40 KEYNES, J. M. Alternative aims of monetary policy, in ESSAYS IN PERSUASION. London: Macmillan, 1931.

41 KEYNES, J. M. MONETARY REFORM. Now Yorkt 1924.

42 LAWRENCE, James Stagg STABILIZATION OF PRIOIS. New Torkt 1928.

43 MARSHALL, Alfred See his REPLY TO THE COMMISSIONERS ON TRADE DEPRESSION 'Monetary stabilization* approach

44 McKENNA, Reginald Can Banks Stabilize the Price Level? BANKERS MONTHLY, Vol. 48, April, 1931, pp

45 MILLIR, Adolph 0. Proponent of automatic price level stabilization see hearings

46 MINTS, Lloyd V. MONETARY POLICY FOR A COMPETITIVE SOCIETY. New York: McGraw-Hill, Pp. ix, 236. Ch. 6: The guide for monetary action,pp j 7: The guide for monetary action (cont'd), pp : The implementation of monetary policy, pp : The implementation of monetary policy (cont'd), pp

47

48 PHILLIPS, C. A. and others BflSKING MD THE BUSINESS CYCLE. New York: The Macmillan Company, 1937* Policy of price stability was wrong for US in period of 1920 f s because normal trend of prices was downward

49 PIGOU, A. C. THEORI OF UNEMPLOYMENT. London: flexibility' approach

50 PLATT, E. The limitations of central banking, BANKERS MAGAZINE, November, Pp. 4.

51 PLATT, E* "The limitations of central banking, 11 BANKERS MAGAZIMB, November pp.

52 OHLIN, Bertil INDEX, The inadequacy of price stabilisation, December, Pp. 14.

53 EEED, Harold L. The stabilization doctrines of Carl Snyder, QUARTEBLI JOURNAL OF ECONOMICS, LUX, Aug. 1935, pp *

54 ROBBINS, Lionel THE GREAT DEPRESSION. London: 'flexibility 1 approach

55 Price Level oidbilijjfiorx ihravcjln Gr>f*&( 8***1 Conlircl of Moiey J_/^_S/u</y of ftlfcr+tal/ue- Monetary nu/rs J*7</ of / e it Vteth I0rp/es*t6>42f*ih<r>t. Cairo; /ooac/ -T Digitized for FRASER Posy /9SO Ph. D. Jisser/*lt

56 SILBEELING, Norman J. *fhe Federal Reserve and Credit Control Experiments, in THE DYNAMICS OF BUSINESS. New York and London: McGraw-Hill Book Co., Inc., 194-3, Chapter 12.

57 SIMONS, H. C. A POSITIVE PROGRAM OF LAISSEZ-FAIRE. Public Policy Pamphlets No. 15. Chicago: University of Chicago Press, (flexibility 1 approach

58 WICKSELL, Knut INTEREST AND PRICES. London: Monetary stabilization' approach

59 /Zee o-

60 VARHTRTON, Clark Rules and Implements for monetary policy, THE JOURNAL OF FINANCE, VIII, No. 1, March, 1953, PP Objectives of monetary policy

61 WARBURTON, Clark Monetary difficulties and the structure of the monetary system, THE JOURNAL OF FINANCE, VII, Dec. 1952, pp Objectives of monetary policy