A Monetary History of the United States

Sections

The Greenback Period
1. Composition of the Stock of Money in 1867
DIVISION BETWEEN CURRENCY AND DEPOSITS
DIVISION OF DEPOSITS BETWEEN NATIONAL AND OTHER BANKS
THE ROLE OF GOLD
TABLE 2 KEY ECONOMIC VARIABLES IN 1869 AND 1879
3. The Politics of Resumption
4. Factors Accounting for Changes in the Stock of Money
The Stock of Money and Its Proximate Determinants, 1867-79
5. Special Problems Connected with the Greenback Period
THE PREMIUM ON GOLD
THE PREMIUM AND PURCHASING-POWER PARITY
THE STOCK OF GOLD
THE ECONOMICS OF RESUMPTION
6. Summary
Silver Politics and the Secular Decline in Prices, 1879-971
1. Movements in Money) Income) Prices) and Velocity
THE CYCLICAL EXPANSION FROM 1879 TO 1882
THE CYCLICAL CONTRACTION FROM 1882 TO 1885
RELATIVE STABILITY FROM 1885 TO 1891
THE DISTURBED YEARS FROM 1891 TO 1897
2. The Politics of Silver
3. Factors Accounting for Changes in the Money Stock
RATIO OF DEPOSITS TO CURRENCY
RATIO OF DEPOSITS TO RESERVES
CHANGES IN HIGH-POWERED MONEY
Treasury Cash
Silver Legislation
CHART 12 Composition of High-Powered Money, 1879-97
Gold Inflation and Banking Reform, 1897-1914
CHANGES IN MONEY, INCOME, PRICES, AND VELOCITY
THE SHIFT IN THE RECORDED BALANCE OF TRADE
WHY SHOULD CAPITAL EXPORTS HAVE OCCURRED?
CENTRAL-BANKING ACTIVITIES OF THE TREASURY
2. Relatively Stable Growth, 1903-07
3. The Panic of 1907
4. Banking Reform in the Wake of Restriction of Payments
5. The Postpanic Period, 1908 to 1914
6. The Arithmetic of Changes in the Money Stock
1. Changes in the Monetary and Banking Structure
2. Wartime and Postwar Inflation
The Stock of Money and Its Proximate Determinants, 1914-21
PERIOD OF U.S. NEUTRALITY
PERIOD OF WARTIME DEFICITS
POSTWAR INFLATION
3. The Contraction of 1920-21
The High Tide of the Reserve System, 1921-29
2. Changes in Commercial Bank Operations
3. Development of Monetary Policy
THE 1921 Annual Report ON PRINCIPLES OF MONETARY POLICY
BILLS VERSUS GOVERNMENT SECURITIES
RELATION OF DISCOUNT RATE TO OTHER RATES
INTERNATIONAL CONSIDERATIONS
BANK SUSPENSIONS
4. Factors Accounting for Changes in the Money Stock
DEPOSIT-RESERVE RATIO
DEPOSIT-CURRENCY RATIO
COMPOSITION OF HIGH-POWERED MONEY
GOLD MOVEMENTS AND GOLD STERILIZATION
OTHER MOVEMENTS IN HIGH-POWERED MONEY
SEASONAL MOVEMENTS
CHART 26 Seasonal Patterns Affected by Federal Reserve Policy, 1922-29
5. Summary
The Great Contraction, 1929-33
THE STOCK MARKET CRASH) OCTOBER 1929
ONSET OF FIRST BANKING CRISIS, OCTOBER 1930
ONSET OF SECOND BANKING CRISIS) MARCH 1931
2. Factors Accounting for Changes in the Stock of Money
ONSET OF SECOND BANKING CRISIS, MARCH 1931
BRITAIN'S DEPARTURE FROM GOLD, SEPTEMBER 1931
3. Bank Failures
ROLE OF BANK FAILURES
ORIGIN OF BANK FAILURES
FEDERAL RESERVE SYSTEM'S ATTITUDE
4. International Character of the Contraction
5. Development of Monetary Policy
THE STOCK MARKET CRASH, OCTOBER 1929
OPEN MARKET PURCHASE PROGRAM OF 1932
THE BANKING PANIC OF 1933
6. Alternative Policies
JANUARY 1930 TO END OF OCTOBER 1930
JANUARY 1931 TO END OF AUGUST 1931
SEPTEMBER 1931 TO END OF JANUARY 1932
TI-IE PROBLEM OF FREE GOLD
7. Why Was Monetary Policy So Inept?
1. Changes in the Banking Structure
EMERGENCY MEASURES
Opening of Banks
Effect on Number and Deposits of Banks
Fate of Unlicense.d Banks
Effects on Money Stock Measures
REFORM MEASUR'ES AFFECTING THE BANKING STRUCTURE
Federal Insurance of Bank Deposits
Other Changes
POLICIES OF BANKS
2. Changes in the Monetary Standard
GOLD POLICY
THE SILVER-PURCHASE PROGRAM59
COMPOSITION OF THE CURRENCY
Cyclical Changes, 1933-41
3. Changes in High-Powered Money
4. Federal Reserve Policy
CHART 42 Seasonal Patterns Affected by Federal Reserve Policy, 1933-41
5. Changes in the Deposit-Reserve Ratio
6. Role of Monetary Factors in the 1937 Contraction and Subsequent Recovery
World War II Inflation, September 1939-August 1948
1. U.S. Neutrality, September 1939-November 1941
2. Period of Wartime Deficits, December 1941-January 1946
PRICE MOVEMENTS
BEHAVIOR OF VELOCITY
PROXIMATE DETERMINANTS OF THE RISE IN THE MONEY STOCK
BASIC DETERMINANTS OF THE RISE IN THE MONEY STOCK
Period of Inflation
EFFECT OF WAR LOAN DRIVES
4. The Balance of Payments
Revival of Monetary Policy, 1948-60
2. Factors Accounting for Changes in the Money Stock
THE KOREAN WAR PERIOD
THE CRISIS IN EARLY 1953
THE PERIOD FROM 1954 TO 1960
3. Developments in Monetary Policy
THE TREASURY-FEDER.AL RESERVE ACCORD
"BILLS ONLY" OR "BILLS PREFERABLY"
4. Why the Stable Rate of Growth of the Money Stock?
The Postwar Rise in Velocity
1. Changes in the Return on Alternative Assets
INTEREST RATES
RATES OF CHANGE IN PRICES
2. Development of Money Substitutes
3. Combined Effect of Factors So Far Considered
4. Expectations About Stability
2. Stability of Monetary Relations
3. Independence of Monetary Changes
4. Deceptiveness of Appearances
2. Simplified Cross-Classification
3. Specie Standard with No Money Issued by Monetary Authorities
4. A Pure Fiduciary Standard
5. A Mixed Specie and Fiduciary Standard: A Special Case
6. A More General Case of a Mixed Specie and Fiduciary Standard
7. Contribution of the Determinants to Changes in the Stock of Money
8. Contribution of Components to Changes in High-Powered Money
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