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Seminar for Faculty Members and Advanced Students - Univ. of Texas V23/57 Central Banking Seminar, FRB of Dallas April 24-26, 1957 KRB - Objectives of Central Banking 3:00 - 4:15 p.m. 4/24/57 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 In d e x (19^7-^9=100) CONSUMER FRICKS 115 110 105 V. WHOLESALE PRICES i i i - l l - U I I I I I i l l 11 I I 1 1 952 1 n 11 I h i m li I n ยป i n t n 1 11 t i t 11 Li U 1956 L l l 11 111 I Li - 1 ] 1953 1951 * 1952 19 5 3 1951 * 1955 1956 1957 1952 1953 195*+ 1955 1956 1957 1955 1957 M i l l io n s of Persons B illions $ QOID STOCK 11.111.1 . L U 11 11 ILI. 1 1.1 L L L i l.j.,1 21 M .U 1 .1 L U I1 111 .1 [ 1 1 IJlLLU 1 1 B illions $ DISCOUNT RATE F . R . B . - - M EW YORK TREASURY B I LL RATE n 11 1) u 11 195? 11 1 1 1 1 11 I i l l 11 11 I M I I I U I i I 111 1953 1954 1 111 1955 1 1 11 1 i 1 m i 1956 I ill h Ml 1 1 1 1l i 1 1 1957
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