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- W2086472018 abstract "B ECAUSE it is composed of a large number of banks operating on the fractional reserve principle, the banking system of the United States is inherently unstable. The bank failures that used to provide continuous evidence of the system's instability have been almost unknown in recent years.' But other symptoms persist. To the extent that its structural characteristics promote monetary instability, the system continues to operate unsatisfactorily. This has important implications for economic stability. With the economy's stock of money subject to fluctuations because of structural deficiencies in the monetary and banking apparatus, the task of achieving economic stability becomes more difficult than it need be. Efforts to employ monetary policy as a stabilizer may be thwarted by the tendency of the system to produce autonomous changes in the money supply. This paper surveys the deficiencies of the mechanism as revealed by its functioning since I945. The fundamental cause of the difficulty is that the monetary control mechanism represents an adaptation of a device that was created for a quite different purpose. Reserve requirements were originally imposed for the purpose of keeping banks liquid. Inevitably the effect of this action was to limit the power of the system of banks to expand bank liabilities. From time to time federal and state laws governing bank reserves have undergone modification. Some changes have been motivated by the idea that legal reserve requirements are for the purpose of preventing bank failures. Others, such as the I935 redefinition of net demand deposits, have been directed at improving the power of the authorities to control the size of the money stock.2 A thoroughgoing reconstruction of the apparatus of monetary control is needed if the potential usefulness of monetary policy is to be realized. The process of adaptation and piecemeal reform has not produced a control apparatus adequate for its purpose. The Federal Reserve authorities are currently studying reserve requirements with a view to proposing a substantial reform.3 Recently they proposed that" @default.
- W2086472018 created "2016-06-24" @default.
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- W2086472018 date "1950-04-01" @default.
- W2086472018 modified "2023-09-26" @default.
- W2086472018 title "The Monetary Mechanism Since the War" @default.
- W2086472018 doi "https://doi.org/10.1086/256920" @default.
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