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(Distributed by K. R. Bopp to Graduate Group in Economics, University of Pennsylvania, before wham he spoke on "Tight Money" on January 8, 1957« No other notes.) 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 k. Productive Increase in monetary volume of output Decrease in monetary volume of output Chainreaction When savings are inadequate When savings are excessive Chainreaction Objective credit 5• A fixed rate of interest Inherent Bias Some Relevant Economic Magnitudes Index Millions of Persons Billions $ P er c e n t 3 Discount Rate F.R.B.- New York - i __ _ s t -* ' V Treasury Bill Rate L.i.1 Ì » » * 1 » I I 1952 1» 1 i II 1 1 1 1-1 1 . 1 - L J - I 1 1 1 1 L l - l 1 1953 195^ I 1.1. I 1 1 1-1-1 1 L i - I L I J - L l 1 L 1-L 11955 1956
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