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OpenMarket Operations Versus
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86th Congress activity argument Bank of England bank reserves bank's bills-only Board of Governors borrowing cent central bank central-bank control commercial banks commercial-bank time deposits demand deposits direct central-bank discount rate doctrine earning assets expansionary Federal Reserve Bank Federal Reserve System financial intermediaries Government debt Government securities market higher reserve requirements Ibid imposition increase instruments interest rates interest-rate lending liquidity loanable funds loans long-term markets long-term rates long-term sector market operations maturity sectors means of payment member banks ment mercial banks monetary authority monetary control monetary system moral suasion Open Market Committee open-market operations payment on demand penalty rate private credit private financial institutions quirements ratio recession rediscount facility reduce Reserve's restrictive monetary policy savings banks short-term rates short-term sector structure of interest supplementary requirements supplementary security-reserve requirements techniques of monetary time-deposit operations tion total deposits Treasury U. S. Government Printing United States Congress velocity volume York