A Program for Monetary Stability

achieve alternative amount of high-powered assets banking reform banking system behavior bills borrowing chapter commercial banks contraction cost course criterion debt management debt operations decline demand deposits deposit liabilities deposits into currency desirable direct discount rate dollar economic effect eliminated excess reserves Federal Reserve notes Federal Reserve System fiduciary fiduciary currency fluctuations fractional reserve free reserves gold standard government securities governmental hence high-powered money important instability interest rates interest-bearing internal monetary intervention involve issue limit liquidity major market rates maturity member banks ment MICHIGAN monetary actions monetary and banking monetary authorities monetary commodity monetary policy money stock money supply months offset open market operations payment of interest period powered money present price level problem produced purchase rate of growth rate of interest reason rediscounting reduce required reserves Reserve Banks reserve requirements result rise sell short-term stability stock of money technical monopoly tion U.S. Congress