Date of Original Version

2-1964

Type

Working Paper

Rights Management

All Rights Reserved

Abstract or Description

Monetary policy operates directly on the discount rate, reserve requirements against demand and time deposits and the Federal Reserve Banks' portfolio of securities. The administration of the discount window and the supervision of banks are, at times, included as part of monetary policymaking. These policy instruments are expected to modify the money supply and to alter the level of interest rates and other magnitudes on the credit market. The effect that actually emerges from the use of policy instruments by the Federal Reserve depends crucially on the nature of the process through which these instruments operate.

Comments

SUBCOMMITTEE ON DOMESTIC FINANCE

COMMITTEE ON BANKING AND CURRENCY

HOUSE OF REPRESENTATIVES 88th Congress, 2d Session

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