War Borrowing; a Study of Treasury Certificates of Indebtedness of the United States
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Parker Willis, " Memorandum Prepared for the Committee on War Finance of the American Economic Asso- ciation" (MS.).
148 WAR BORROWING conclusion arrived at by the most competent student of the subject has been that " while the policy of rationing is effective and probably has a more universal and effective influence than the mere raising of rates of discount, it is probable that a more rapid advance in rates conservatively handled would have exerted a desirable effect." ^* Here again, however,... it seems necessary in the present connection to confine our attention to the task immediately at hand and, waiving the problem of wider consequence, to recognize that the direct and immediate effect of the discount policy of the Federal Reserve Board has been to reduce, if not to avert, the monetary strain, normally incident to cer- tificate borrowing.
The operations outlined above have been reflected in the course of the discount operations of the Federal Reserve Banks and more specifically in the course of such Banks' holdings of member and non- member banks, collateral notes secured by Liberty bonds or Treasury certificates of indebtedness, and of rediscounted customers' paper likewise secured.
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To quickly assess the difficulty of the text, read a short excerpt:
Parker Willis, " Memorandum Prepared for the Committee on War Finance of the American Economic Asso- ciation" (MS.).
148 WAR BORROWING conclusion arrived at by the most competent student of the subject has been that " while the policy of rationing is effective and probably has a more universal and effective influence than the mere raising of rates of discount, it is probable that a more rapid advance in rates conservatively handled would have exerted a desirable effect." ^* Here again, however,... it seems necessary in the present connection to confine our attention to the task immediately at hand and, waiving the problem of wider consequence, to recognize that the direct and immediate effect of the discount policy of the Federal Reserve Board has been to reduce, if not to avert, the monetary strain, normally incident to cer- tificate borrowing.
The operations outlined above have been reflected in the course of the discount operations of the Federal Reserve Banks and more specifically in the course of such Banks' holdings of member and non- member banks, collateral notes secured by Liberty bonds or Treasury certificates of indebtedness, and of rediscounted customers' paper likewise secured.
What to read after War Borrowing; a Study of Treasury Certificates of Indebtedness of the United States?
You can find similar books in the "Read Also" column, or choose other free books by Hollander, Jacob Harry, 1871-1940 to read onlineMoreLess
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