Fundamental Reappraisal of the Discount Mechanism

In the late 1960s this series of reports was prepared for a steering committee of the Board of Governors. The reports were prepared by the research staffs of the Board and the Federal Reserve Banks, and academic economists.

Summary of the Issues Raised at the Academic Seminar on Discounting (pdf 731k)
Written by Priscilla Ormsby, Board of Governors of the Federal Reserve System.
Dates(s): May 11, 1966

Rationale and Objectives of the 1955 Revision of Regulation A (pdf 1.2M)
Written by Bernard Shull.
Dates(s): June, 1966

Financial Instability Revisited: The Economics of Disaster (pdf 3.6M)
Written by Hyman P. Minsky, Washington University in St. Louis.
Dates(s): Revised January, 1970, Fall, 1966

Evolution of the Role and the Functioning of the Discount Mechanism (pdf 2.5M)
Written by Clay J. Anderson, Federal Reserve Bank of Philadelphia.
Dates(s): November, 1966

Report on Research Undertaken in Connection with a System Study (pdf 1.4M)
Written by Bernard Shull, Board of Governors of the Federal Reserve System.
Dates(s): Circa 1967

Selective Credit Control (pdf 365k)
Written by Lester V. Chandler, Princeton University.
Dates(s): 1967

The Discount Mechanism in Leading Industrial Countries Since World War II (pdf 9.5M)
Written by George Garvy, Federal Reserve Bank of New York.
Dates(s): Circa 1967

The Secondary Market for Negotiable Certificates of Deposit (pdf 3.9M)
Written by Parker B. Willis, Federal Reserve Bank of Boston.
Dates(s): February 23, 1967

A Study of the Market for Federal Funds (pdf 2M)
Written by Parker B. Willis, Federal Reserve Bank of Boston.
Dates(s): March 28, 1967

The Secondary Market for State and Local Government Bonds (pdf 571k)
Written by William F. Staats, Federal Reserve Bank of Philadelphia.
Dates(s): April, 1967

Reserve Adjustments of the Eight Major New York City Banks During 1966 (pdf 1.1M)
Written by Dolores P. Lynn, Federal Reserve Bank of New York.
Dates(s): Revised July, 1968, August, 1967

A Review of Recent Academic Literature on the Discount Mechanism (pdf 957k)
Written by David M. Jones.
Dates(s): February 20, 1968

Discount Policy and Open Market Operations (pdf 1.1M)
Written by Paul Meek, Federal Reserve Bank of New York.
OCLC:  5031410
Dates(s): February 26, 1968

Some Proposals for a Reform of the Discount Window (pdf 1.3M)
Written by Franco Modigliani, Massachusetts Institute of Technology.
Dates(s): April, 1968

The Redesigned Discount Mechanism and the Money Market (pdf 1.1M)
Written by Robert C. Holland, Board of Governors, and George Garvy, Federal Reserve Bank of New York.
Dates(s): July, 1968

Reappraisal of the Federal Reserve Discount Mechanism: Report of a System Committee (pdf 2M)
Author(s): Board of Governors of the Federal Reserve System (U.S.)
Dates(s): July 15, 1968

Discount Policy and Bank Supervision (pdf 2.5M)
Written by Benjamin Stackhouse, Bank Examinations Department, Federal Reserve Bank of New York.
Dates(s): November 6, 1968

Borrowings Data (pdf 51k)
Various tables for 1959-1968.
Author(s): Board of Governors of the Federal Reserve System (U.S.)
Dates(s): Circa 1968

Transmittal Memoranda (pdf 790k)
These memoranda contain summaries of the commissioned papers pointing out the significance of the paper to the redesign of the discount mechanism.
Author(s): Board of Governors of the Federal Reserve System (U.S.)
Dates(s): Circa 1968

Academic Views on Improving the Federal Reserve Discount Mechanism (pdf 5.9M)
A compilation of 24 papers by various authors responding to questions about the Federal Reserve discount mechanism and discount policies posed by Dr. Lester V. Chandler.
Author(s): Board of Governors of the Federal Reserve System (U.S.)
Dates(s): Circa 1969

An Evaluation of Some Determinants of Member Bank Borrowing (pdf 1.8M)
Written by Leslie M. Alperstein, former economist, Board of Governors of the Federal Reserve System.
Dates(s): 1969

Capital and Credit Requirements of Agriculture, and Proposals to Increase the Availability of Bank Credit (pdf 5.5M)
Written by Emanuel Melichar, Board of Governors of the Federal Reserve System, and Raymond J. Doll, Federal Reserve Bank of Kansas City.
OCLC:  7259180
Dates(s): Circa 1969

The Legitimacy of Central Banks (pdf 931k)
Written by Kenneth E. Boulding, University of Colorado-Boulder.
Dates(s): July, 1969

Toward a Seasonal Borrowing Privilege: A Study of Intrayear Fund Flows at Commercial Banks (pdf 332k)
Written by Emanuel Melichar, Board of Governors of the Federal Reserve System.
Dates(s): December, 1970