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Another Perspective on the Reserve Requirement Increments of 1936 and 1937

Robert F. Stauffer
Journal of Post Keynesian Economics
Vol. 25, No. 1 (Autumn, 2002), pp. 161-179
Published by: Taylor & Francis, Ltd.
Stable URL: http://www.jstor.org/stable/4538817
Page Count: 19
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Another Perspective on the Reserve Requirement Increments of 1936 and 1937
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Abstract

The purpose of this analysis is to investigate three issues surrounding the Federal Reserve's doubling of reserve requirements between August 1936 and May 1937. First of all, arguments are offered that strengthen and complement L.G. Telser's analysis of how bank lending was affected by reserve ratio increases. Second, a unique money multiplier model is utilized to measure the impact of these policy changes on excess reserves and the money supply. Finally, the possible relationships between Fed policy changes and the recession of 1937-1938 are discussed, including the Friedman and Schwartz perspective.

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