Money, Banking, and Economic Welfare

accounts American amount bank credit bank loans bank reserves behavior billion bonds borrowing business firms capital cash balances cash holdings cent chiefly commercial banks consumer consumption controls countercyclical countries debt decline deficit demand deposits depression dollar economic welfare effects equilibrium ex ante excess reserves expansion exports Federal Reserve banks Federal Reserve System financial assets fiscal policy foreign foreign-exchange GNP expenditures government securities growth higher important increase individual inflation influence interest rates investment issues lending liabilities liquidity loanable funds loans and securities marginal efficiency member banks ment monetary base monetary policy Money and Credit money supply mortgage open-market operations output payments period price level production programs purchases quantity of money raise reduced relatively reserve requirements rise saving sectors sell shift spending store of value substantial surplus tend tion trade transactions Treasury unemployment United variations velocity World War II