Money, Banking, and Economic Welfare

acceleration principle American amount bank reserves banking system behavior Billions of dollars bonds borrowing business firms capital cash balances cent changes chiefly coin and currency commercial banks consumer consumption countercyclical countries created credit conditions debt decline deficit demand deposits depression economic welfare effect employment equilibrium ex ante excess reserves expand exports Federal Reserve Bulletin Federal Reserve System financial assets fiscal policy foreign foreign-exchange GNP expenditures government securities higher hold important income increase individual inflation influence interest rates investment issue lending liabilities liquidity loanable funds member banks ment monetary policy money supply notes open-market operations output panic payments period production purchases quantity of money raise recession rediscount reduced Reserve banks reserve requirements rise saving sectors sell silver spending stability store of value tend tion trade transactions Treasury United variations velocity volume World War II York