Credit Policies of the Federal Reserve System

APPENDIX B

REFERENCES FOR FURTHER READING

The principal sources of information concerning Federal Reserve policy are the Federal Reserve Bulletin, the annual reports of the Federal Reserve Board and the various Federal Reserve Banks, and the following congressional hearings:

69 Cong. 1 sess., Stabilization, Hearings on H.R. 7895 before Committee on Banking and Currency, 1927.

70 Cong. 1 sess., Brokers’ Loans, Hearings on S. res. 113 before Committee on Banking and Currency, 1928.

70 Cong. 1 sess., Stabilization, Hearings on H.R. 11806 before Committee on Banking and Currency, 1928.

71 Cong. 3 sess., Operations of the National and Federal Reserve Banking Systems, Hearings on S. res. 71 before Committee on Banking and Currency, 1931.

72 Cong. I sess., Stabilization of Commodity Prices, Hearings on H.R. 10517 before Committee on Banking and Currency, 1932.

The following additional references are suggested for use in connection with certain chapters:

CHAPTERS I-II

Anderson, B. M., “Bank Money and the Capital Supply,” Chase Economic Bulletin, Nov. 8, 1926, Vol. 6, No. 3.

Beckhart, B. H., The Discount Policy of the Reserve System, Henry Holt, 1924, especially Chaps. I, 2, 4, 9.

Burgess, W. R., “The Mechanism of Federal Reserve Policy,” Journal of the American Bankers’ Association, 1926, Vol. 18, pp. 596-97.

—. “The Open Market Operations of the Federal Reserve System,” Acceptance Bulletin, 1928, Vol. 10, pp. IO-19.

—. The Reserve Banks and the Money Market, Harpers, 1927, Chaps. 3-4, 10-13.

—. Interpretations of Federal Reserve Policy in the Speeches and Writings of Benjamin Strong, Harpers, 1930, Chaps. 10, 13, 15, 16.

Edie, L. D., The Banks and Prosperity, Harpers, 1931.

Gregory, Thomas E., “What Can Central Banks Really Do?” American Economic Review, 1925, Vol. 15, pp. 53-59.

Harris, S. E., “The Federal Reserve Act and Federal Reserve Policies,” Quarterly Journal of Economics, 1931, Vol. 45, pp. 371-408.

Keynes, J. M., A Treatise on Money, Harcourt Brace, London, 1930, especially Chaps. 13, 31-33, 37.

de Kock, M. H., The Functions and Operations of Central Banks, with Special Reference to the South African Reserve Bank, Juta and Co., Ltd., Cape Town, 1929.

McKenna, Reginald, Post-War Banking Policy, Heinemann, London, 1928, especially pp. 74-117.

Riefler, Winfield W., Money Rates and Money Markets in the United States, Harpers, 1930.

CHAPTER III

Anderson, B. M., “An Analysis of the Money Market,” Chase Economic Bulletin, June 4, 1928, Vol. 8, No. 1.

Burgess, W. R., Annual reviews of the money market published in Review of Economic Statistics each successive year from 1926.

Reed, Harold L., Federal Reserve Policy, 1921-1930, Mc-Graw-Hill, 1930.

Riefler, Winfield W., Money Rates and Money Markets in the United States, Harpers, 1930, Chaps. 9-10.

CHAPTER IV

Burgess, W. R., The Reserve Banks and the Money Market, Harpers, 1927, Chaps. 6, 15.

Riefler, Winfield W., Money Rates and Money Markets in the United States, Harpers. 1930, Chap. 4.

CHAPTER V

Edie, L. D., The Banks and Prosperity, Harpers, 1931, Chap. 10.

Haberler, Gottfried, “Die Kaufkraft des Geldes und die Sta-bilisierung der Wirtschaft,” Schmoller’s Jahrbuch. 1932, Vol. 55, pp. 33-63.

Hahn, L. Albert, Geld und Kredit, Mohr, Tubingen, 1929, pp. 71-80, 205-18.

Reed, Harold L., Federal Reserve Policy, 1921-1930, McGraw-Hill, 1930, pp. 23-64.

CHAPTER VI

Anderson, B. M., “Some Major Forces in the International Money Market,” Chase Economic Bulletin, Oct. 29, 1927, Vol. 7, No. 4.

—. “Our Export Trade and the International Money Market,” Ibid., Mar. 14, 1930, Vol. 10, No. 1.

—. “Cheap Money, Gold, and Federal Reserve Bank Policy,” Ibid., Aug. 4, 1924, Vol. 4, No. 3.

—. “The Effect on Europe of Tight Money in America,” Ibid., July 20, 1929, Vol. 9, No. 4.

—. “The Gold Standard and the American Gold Tradition,” Ibid., Nov. 20, 1931, Vol. 11, No. 5.

Hantos, Elemér, Die Kooperation der Notenbanken, Mohr, Tubingen, 1931.

Keynes, J. M., A Treatise on Money, Harcourt Brace, London, 1930, Chaps. 34-38.

Reed, Harold L., Federal Reserve Policy, 1921-1930, McGraw-Hill, 1930, pp. 64-77, 96-110.

Schweizer, Arthur, Die Neue Goldwährung, Helbing and Lichtenhahn, Basle, 1929.

CHAPTERS VII-VIII

Anderson, B. M., “Brokers’ Loans and Bank Credit,” Chase Economic Bulletin, Oct. 31, 1928, Vol. 8, No. 4.

—. “Some Side Lights on the Money Situation,” Ibid., Feb. 13, 1929, Vol. 9, No. 2.

Balogh, Thomas, “Latente Inflation,” Schmoller’s Jahrbuch, 1929, Vol. 53, Heft 4, pp. 45 ff.

—. “Absorption of Credit by the Stock Exchange,” American Economic Review, 1930, Vol. 20, pp. 658-63.

Cassel, Gustav, “Discount Policy and Stock Exchange Speculation,” Skandinaviska Kreditaktiebolaget Quarterly Report, October 1928, pp. 57-60.

—. “Does the Stock Exchange Absorb Capital?” Ibid., April 1929, pp. 21-25.

Foster, William Trufant, and Catchings, Waddill, “Is the Reserve Board Keeping Faith?” Atlantic Monthly, 1929, Vol. 144, pp. 93-102.

Hahn, L. Albert, Geld und Kredit, Mohr, Tubingen, 1929, pp. 184-89.

Hoover, Calvin B., “Brokers’ Loans and Bank Deposits,” Journal of Political Economy, 1929, Vol. 37, pp. 713-27.

Liefmann, R., “Spekulationskapital und Konjunkturschwan-kungen,” Wirtschaftsdienst, 1930, Vol. 15, pp. 89-94.

Machlup, Fritz, Börsenkredit, Industrie kredit und Kapital- bildung, Julius Springer, Vienna, 1931.

Merzbach, Leopold, “Die Borsenkredite,” Bank-Archiv, 1929, Vol. 28, pp. 173-75.

Reed, Harold L., Federal Reserve Policy, 1921-1930, McGraw-Hill, Chaps. 4-6.

Reisch, Richard, “Rückwirkungen der Börsenspekulation auf der Kreditmarkt,” Zeitschrift fur Nationalökonomie, 1929, Vol. 6, Heft 2.

—. “Ueber das Wesen und die Wirkungen der Borsenkredite,” Bank-Archiv, 1929, Vol. 28, pp. 154-62.

Rogers, James H., Stock Speculation and the Money Market, Lucas Brothers, Columbia, Mo., 1927.

CHAPTER IX

Anderson, B. M., “Gold,” Chase Economic Bulletin, Mar. 16, 1931, Vol. 11, No. I.

Barbour, Percy E., “Gold Shortage Improbable,” Annalist, 1931, Vol. 38, pp. 299-300.

—. “Declining Costs Favor Gold Mines,” Ibid., pp. 341-42.

—. “Increase in Gold Costs Continues despite Higher Costs, Lower Grade Ore,” Ibid., pp. 383-84.

Burgess, W. R., The Reserve Banks and the Money Market, Harpers, 1927, Chap. 14.

Cassel, Gustav, “The Shortage of Gold,” Skandinaviska Kre- ditaktiebolaget Quarterly Report, October 1926, pp. 49-52.

—. “Gold Production and Gold Value,” Ibid. . January 1927, pp. 1-3.

Keynes, J. M., A Treatise on Money, Harcourt Brace, London, 1930, Chap. 35.

League of Nations Pub. 1930. II. 26., Interim Report of the Gold Delegation of the Financial Committee.

—. Pub. 1930. II. 34., Selected Documents Submitted to the Gold Delegation of the Financial Committee.

—. Pub. 1931. II. A. 2., Second Interim Report of the Gold Delegation of the Financial Committee.

—. Pub. 1931. II. A. 7., Selected Documents on the Distribution of Gold Submitted to the Gold Delegation of the Financial Committee.

—. Pub. 1932. II. A. 12., Report of the Gold Delegation of the Financial Committee.

CHAPTER X

Anderson, B. M., “Commodity Price Stabilization a False Goal of Central Bank Policy,” Chase Economic Bulletin, May 8, 1929, Vol. 9, No. 3.

—. “The Gold Standard Versus ‘A Managed Currency,’ ” Ibid., Mar. 23, 1925, Vol. 5, No. 1.

—. “Equilibrium Creates Purchasing Power,” Ibid., June 12, 1931, Vol. 11, No. 3.

—. “Our Export Trade and the International Money Market,” Ibid., Mar. 14, 1930, Vol. 10, No. 1.

—. “Bank Expansion Versus Savings,” Ibid., Tune 25, 1928, Vol. 8, No. 2.

—. “The Goldsborough Bill and the Government Security Purchases of the Federal Reserve Banks,” Ibid., May 16, 1932, Vol. 12, No. 2.

Burns, Arthur F., “Quantity Theory and Price Stabilization,” American Economic Review, 1929, Vol. 19, pp. 561-79.

Cassel, Gustav, “The Shortage of Gold,” Skandinaviska Kredit- aktiebolaget Quarterly Report, October 1926, pp. 49-52.

—. “The Dislocation of Prices and its Consequences,” Ibid., April 1927, pp. 21-24.

Edie, Lionel D., “The 1928 Hearings on the Strong Bill,” Journal of Political Economy, 1929, Vol. 37, pp. 340-54.

Haberler, Gottfried, “Die Kaufkraft des Geldes und die Stabilisierung der Wirtschaft,” Schmoller’s Jahrbuch, 1932, Vol. 55, pp. 993-1023.

Hawtrey, R. G., “Money and Index Numbers,” Journal 0f the Royal Statistical Society, 1930, Vol. 93, pp. 64-85; discussion, pp. 86-103.

Hayek, F. A., “Das Schicksal der Goldwahrung,” Der Deutsche Volkswirthy 1932, Vol. 6, pp. 642-45.

Sprague, O. M., “Price Stabilization,” American Economic Review, 1929, Vol. 19, Part 1, Supplement, pp. 61-68.

(See also references listed under Chapter IX.)

CHAPTER XI

Anderson, B. M., “The Goldsborough Bill and the Government Security Purchases of the Federal Reserve Banks,” Chase Economic Bulletin, May 16, 1932, Vol. 12, No. 2.

Beckhart, B. H., The Discount Policy of the Federal Reserve System, Henry Holt, 1924, pp. 454-71.

Cassel, Gustav, “The Connection between the Discount Rate and the Price Level,” Skandinaviska Kreditaktiebolaget Quarterly Report, October 1927, pp. 61-63.

—. “The Influence of the United States on the World Price Level,” Ibid., January 1928, pp. 1-5.

Edie, Lionel D., The Banks and Prosperity, Harpers, 1931.

Gregory, Thomas E., “What Can Central Banks Really Do?” American Economic Review, 1925, Vol. 15, pp. 53-59.

Moulton, Harold G., “Commercial Banks and Capital Formation,” Journal of Political Economy, 1918, Vol. 26, pp. 484-508, 638-63, 705-31, 849-81.

CHAPTER XII

American Acceptance Council, Facts and Figures Relating to the American Money Market, New York, 1931.

Burgess, W. R., The Reserve Banks and the Money Market, Harpers, 1927, Chap. 8.

Mathewson, Park, Acceptances, Trade and Bankers, Appleton, 1921.

CHAPTER XIII

Beckhart, B. H., The Discount Policy of the Reserve System, Henry Holt, 1924, pp. 140-58.

CHAPTER XV

Burgess, W. R., The Reserve Banks and the Money Market, Harpers, 1927, pp. 285-93.

Riefler, Winfield W., Money Rates and Money Markets in the United States, Harpers, 1930, Chap. 5.