V. The Controversy about “Bills Only” and the Efficacy of Monetary Policy

Chapters in this book

1. Frontmatter I
2. Acknowledgments VII
3. Contents IX
4. Tables XI
5. Introduction 1
6. Part I. The Background of the Return to Flexible Monetary Policy
7. I. The Revival of Belief in Flexible Monetary Policy: 1945–1951 9
8. II. The New Theory of Monetary Management: The Roosa Doctrine 22
9. ΙII. The Federal Reserve Board's Conception of Monetary Management: A Return to Orthodoxy and Tradition in Practice 32
10. Part II. The Federal Reserve's Use of Monetary Instruments
11. IV. Open Market Operations and the Policy of Dealing in “Bills Only” 47
12. V. The Controversy about “Bills Only” and the Efficacy of Monetary Policy 64
13. VI. The Record of “Bills Only” in the Application of Monetary Policy 100
14. VII. The Use of the Discount Mechanism 121
15. VIII. Changes in Cash Reserve Requirements as a Credit Control Instrument 145
16. IX. The Failure to Use Selective Credit Controls 164
17. Part III. The Federal Reserve's Control Over Financial Variables
18. X. The Federal Reserve's Control of the Money Supply 213
19. XI. The Problem of the Velocity of Money 265
20. XII. The Influence of Changing Long-Term Interest Rates and Capital Values on Financial Institutions 297
21. Part IV. Summary
22. XIII. Findings and Conclusions of the Study 337
23. Bibliography 355
24. Index 363