The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Prepared ly K. R. Bopp for use at Seminar on "Monetary Policy11 at Lehigh University. Bethlehem. Pa. on. November 9. 1956, ¿:10 p.m. ALTERNATIVE OBJECTIVES AND RELATED PROGRAMS Conditions requiring or permitting an easing of credit Conditions requiring or permitting a tightening of credit 1. Stable price level Declining prices Rising prices 2. Full employment Less than full employment Jobs in excess of workers Expansive 3- Convertibility High and/or rising primary reserves Low and/or declining primary reserves Contractive 4. Productive credit Increase in monetary volume of output Decrease in monetary volume of output Chainreaction 5• A fixed rate of interest When savings are inadequate When savings are excessive Chainreaction Objective Inherent Bias Some Relevant Economic Magnitudes Index Millions of Persons Billions $ Per c e n t 3 Discount Rate P.R.B.- New York - I Treasury Bill Rate » » » » I» I I » I I 11 M 1952 I I M I M 1953 I 1 1 1 I 1 I I 1 t 1 1 1 1 I L I L 1 .J I I I 1 1 1 M 195*+ 1955 1 L l 1_L 1 L I . 1956
@FedFRASER