American Monetary Policy

action activity amount April assets August bank reserves bankers banking system billion Bills bonds borrowing cent central bank central reserve changes collateral commercial banks Congress Continued credit conditions credit expansion credit policy currency December 31 decline demand deposits depression developments directors discount rates dollar effect end of table eral Reserve excess reserves February Federal Reserve Act Federal Reserve authorities Federal Reserve Banks Federal Reserve Board Federal Reserve notes Federal Reserve policy Federal Reserve System financing fiscal footnotes see end foreign function funds government securities Governor increase indebtedness inflation inflationary interest rates issued January July June 30 liquidation loans March member banks ment monetary authorities monetary management monetary policy month November October open-market operations President problems production proposal purchases quarter reduced regulation Research Reserve Bank credit reserve requirements responsibility result September speculative tion Treasury United volume of money York