Secrets of the Federal Reserve: the London Connection Pt.4
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Memorandum of Discussion
MEMORANDUM OF DISCUSSION A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D. C., on Monday, November 27, 1967, at 9:30 a.m., at the call of Chairman Martin. PRESENT: Mr. Martin, Chairman 1/ Mr. Brimmer Mr. Francis Mr. Maisel Mr. Mitchell Mr. Robertson Mr. Scanlon Mr. Sherrill Mr. Swan Mr. Wayne 1/ Messrs. Ellis, Hickman, and Galusha, Alternate Members of the Federal Open Market Committee Mr. Irons, President of the Federal Reserve Bank of Dallas Mr. Holland, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Mr. Broida, Assistant Secretary Mr. Hackley, General Counsel Mr. Brill, Economist Messrs. Baughman, Garvy, Hersey, Koch, Partee, and Solomon, Associate Economists Mr. Holmes, Manager, System Open Market Account Mr. Cardon, Legislative Counsel, Board of Governors Mr. Fauver, Assistant to the Board of Governors Mr, Williams, Adviser, Division of Research and Statistics, Board of Governors Mr. Reynolds, Adviser, Division of International Finance, Board of Governors 1/ Left the meeting at the point indicated. 11/27/67 -2 Mr. Axilrod, Associate Adviser, Division of Research and Statistics, Board of Governors Miss Eaton, General Assistant, Office of the Secretary, Board of Governors Miss McWhirter, Analyst, Office of the Secretary, Board of Governors Messrs. Bilby, Eastburn, Mann, Brandt, and Tow, Vice Presidents of the Federal Reserve Banks of New York, Philadelphia, Cleveland, Atlanta, and Kansas City, respectively Mr. MacLaury, Assistant Vice President, Federal Reserve Bank of New York Mr. Deming, Manager, Securities Department, Federal Reserve Bank of New York Mr. -
Studies in Applied Economics
SAE./No.128/October 2018 Studies in Applied Economics THE BANK OF FRANCE AND THE GOLD DEPENDENCY: OBSERVATIONS ON THE BANK'S WEEKLY BALANCE SHEETS AND RESERVES, 1898-1940 Robert Yee Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise The Bank of France and the Gold Dependency: Observations on the Bank’s Weekly Balance Sheets and Reserves, 1898-1940 Robert Yee Copyright 2018 by Robert Yee. This work may be reproduced or adapted provided that no fee is charged and the proper credit is given to the original source(s). About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, co-director of The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise. About the Author Robert Yee ([email protected]) is a Ph.D. student at Princeton University. Abstract A central bank’s weekly balance sheets give insights into the willingness and ability of a monetary authority to act in times of economic crises. In particular, levels of gold, silver, and foreign-currency reserves, both as a nominal figure and as a percentage of global reserves, prove to be useful in examining changes to an institution’s agenda over time. Using several recently compiled datasets, this study contextualizes the Bank’s financial affairs within a historical framework and argues that the Bank’s active monetary policy of reserve accumulation stemmed from contemporary views concerning economic stability and risk mitigation. Les bilans hebdomadaires d’une banque centrale donnent des vues à la volonté et la capacité d’une autorité monétaire d’agir en crise économique. -
Lorne Bair Rare Books, ABAA 661 Millwood Avenue, Ste 206 Winchester, Virginia USA 22601
LORNE BAIR RARE BOOKS CATALOG 26 Lorne Bair Rare Books, ABAA 661 Millwood Avenue, Ste 206 Winchester, Virginia USA 22601 (540) 665-0855 Email: [email protected] Website: www.lornebair.com TERMS All items are offered subject to prior sale. Unless prior arrangements have been made, payment is expected with or- der and may be made by check, money order, credit card (Visa, MasterCard, Discover, American Express), or direct transfer of funds (wire transfer or Paypal). Institutions may be billed. Returns will be accepted for any reason within ten days of receipt. ALL ITEMS are guaranteed to be as described. Any restorations, sophistications, or alterations have been noted. Autograph and manuscript material is guaranteed without conditions or restrictions, and may be returned at any time if shown not to be authentic. DOMESTIC SHIPPING is by USPS Priority Mail at the rate of $9.50 for the first item and $3 for each additional item. Overseas shipping will vary depending upon destination and weight; quotations can be supplied. Alternative carriers may be arranged. WE ARE MEMBERS of the ABAA (Antiquarian Bookseller’s Association of America) and ILAB (International League of Antiquarian Book- sellers) and adhere to those organizations’ strict standards of professionalism and ethics. CONTENTS OF THIS CATALOG _________________ AFRICAN AMERICANA Items 1-35 RADICAL & PROLETARIAN LITERATURE Items 36-97 SOCIAL & PROLETARIAN LITERATURE Items 98-156 ART & PHOTOGRAPHY Items 157-201 INDEX & REFERENCES PART 1: AFRICAN-AMERICAN HISTORY & LITERATURE 1. ANDREWS, Matthew Page Heyward Shepherd, Victim of Violence. [Harper’s Ferry?]: Heyward Shepherd Memorial Association, [1931]. First Edition. Slim 12mo (18.5cm.); original green printed card wrappers, yapp edges; 32pp.; photograph. -
List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution. -
Civic and Political Status
Civic and Political Status CIVIL LIBERTIES HE PERIOD between July 1954 and the autumn of 1955 saw a marked im- Tprovement in the general attitude on civil liberties questions in the United States. Many factors contributed to this. A decreased fear of immi- nent war was accompanied by a calmer approach to internal policies. The absence of any evidence of new Communist penetration, either in govern- ment or in other fields, led to a widespread feeling that the danger from con- spiratorial Communist activity had declined. On the other hand, the pub- licity received by a number of cases in which security procedures had been patently misused led to an increased realization of the dangers arising from measures which departed from the spirit of the Bill of Rights. And there could be little doubt that the clash between Sen. Joseph R. McCarthy and the Army, followed by the report of the Senate Select Committee to Study Censure Charges (Watkins Committee) and the Senate censure vote (AMER- ICAN JEWISH YEAR BOOK, 1955 [Vol. 56], p. 184-85), tended to bring the ap- proach generally described as "McCarthyism" into disrepute. Security Program The change was least noticeable in the legislative field, where it took the form of a decrease in new restrictive legislation rather than in the disap- perance of any already on the books. There was, however, a marked altera- tion in both the interests and the behavior of legislative investigating com- mittees. In the executive department, security procedures changed little, and injustices still appeared to be frequent. But when—as increasingly hap- pened—they were brought to public attention, there was a new readiness and even eagerness to remedy them. -
The Balance Sheet Policy of the Banque De France and the Gold Standard (1880-1914)
NBER WORKING PAPER SERIES THE PRICE OF STABILITY: THE BALANCE SHEET POLICY OF THE BANQUE DE FRANCE AND THE GOLD STANDARD (1880-1914) Guillaume Bazot Michael D. Bordo Eric Monnet Working Paper 20554 http://www.nber.org/papers/w20554 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2014 We are grateful from comments from Vincent Bignon, Rui Esteves, Antoine Parent, Angelo Riva, Philippe de Rougemont, Pierre Sicsic, Paul Sharp, Stefano Ungaro, François Velde, as well as seminar participants at the University of South Danemark, Sciences Po Lyon, Federal Reserve of Atlanta and Banque de France. The views expressed are those of the authors and do not necessarily reflect the views of the Bank of France, the Eurosystem, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2014 by Guillaume Bazot, Michael D. Bordo, and Eric Monnet. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Price of Stability: The balance sheet policy of the Banque de France and the Gold Standard (1880-1914) Guillaume Bazot, Michael D. Bordo, and Eric Monnet NBER Working Paper No. 20554 October 2014 JEL No. E42,E43,E50,E58,N13,N23 ABSTRACT Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of England changed its rate very frequently. -
Sixty-Fifth Congress, First Session.
- SIXTY-FIFTH CONGRESS, FIRST SESSION. - 99 . ~ I ... atnngrtssinnal ·Jtcnrd. PROCEEDINGS AND DEBATES OF THE SIXTY -FIFTH _CONGRESS, FIRST SESSION. Hale Lewis Pomerene Stone SENATE. Hardwick Lodge .Ransdell Sutherland Hitchcock McCumber Reed Swanson lfoNDAY, ApriZ 13, 1917. Rusting McKellar Robinson Thompson James . McLean Saulsbury Tillma n The first session of the Sixty-fifth Congress commenced this Johnson, Cal. Martin Sbafroth Townsend day at the Capitol, in the city of Washington, in pursuance of Johnson, S.Dak. Myers Sheppard Underwood Jones, N. Mex. Nelson Sherman Vardatna n the proclamation of the President of the United States of the Jones, Wash. New Shields Wadsworth 21st <lay of March, 1917. Kellogg Norris Simmons Walsh The VICE PRESIDENT (THOMAS R. MARSHALL, of Indiana) Kendrick Overman Smith, Ariz. Wa rren Kenyon Owen Smith, Ga. Watson called the Senate to order at 12 o'clock noon. King Page Smith, Md. Weeks Rev. J. L. Kibler, of the city of Washington, offe1·ed the fol Kirby Penrose Smith, Mich. Williams Knox Phelan Smith, S.C. Wolcott lowing prayer : La Fo1lette Pittman Smoot In the simplicity of our hearts, 0 God, and in the very depths Lane Poindexter Sterling of humility we come into Thy presence. At the opening of this extraordinary session of Congress we come first to seek Thy Mr. FLETCHER. I desire to announce that my colleaguo guiding hand. Amid the confusion and violence of the world [Mr. TRAMMELL] is unavoidably absent on account of sickness in his family. to-day w~ can not know the things that may shortly come to pass. Lead us, 0 God, through the darkness until the day Mr. -
A Body of Text: Physical Culture and the Marketing of Mobility
A BODY OF TEXT: PHYSICAL CULTURE AND THE MARKETING OF MOBILITY by Andrea Dale Lapin B.A., Douglass College at Rutgers, The State University of New Jersey 1994 M.A., University of Pittsburgh 1998 Submitted to the Graduate Faculty of The Kenneth P. Dietrich School of Arts and Sciences in partial fulfillment of the requirements for the degree of Doctor of Philosophy University of Pittsburgh 2013 UNIVERSITY OF PITTSBURGH THE KENNETH P. DIETRICH SCHOOL OF ARTS AND SCIENCES This dissertation was presented by Andrea Dale Lapin It was defended on April 15, 2013 and approved by Jonathan Arac, PhD, Andrew W Mellon Professor, Department of English William Scott, PhD, Associate Professor, Department of English Brenton Malin, PhD, Associate Professor, Department of Communication Thesis Director: Nancy Glazener, PhD, Associate Professor, Department of English ii Copyright © by Andrea Dale Lapin 2013 iii A BODY OF TEXT: PHYSICAL CULTURE AND THE MARKETING OF MOBILITY Andrea Dale Lapin, PhD University of Pittsburgh, 2013 Drawing on Althusserian notions of ideology and Bourdieu’s understanding of bodily hexis, A Body of Text seeks to reframe Physical Culture as an artifact worthy of serious study, more complex and less reactionary than its beefcake-and-sentiment reputation might suggest. This dissertation addresses the story of Physical Culture magazine from three different perspectives, reading the magazine through lenses of media history, medical history and social context, in order to understand the ways in which class operated on and through the body. In contrast to nearly every other publication in the early twentieth century, Physical Culture suggested that class mobility was possible, and that success would naturally follow improvement of body and health. -
The North American White Supremacist Movement: an Analysis Ofinternet Hate Web Sites
wmTE SUPREMACIST HATE ON THE WORLD WIDE WEB "WWW.HATE.ORG" THE NORTH AMERICAN WIDTE SUPREMACIST MOVEMENT: AN ANALYSIS OF INTERNET HATE WEB SITES By ALLISON M. JONES, B.A. A Thesis Submitted to the School ofGraduate Studies in Partial Fulfilment ofthe Requirements for the Degree Master ofArts McMaster University © Copyright by Allison M. Jones, October 1999 MASTER OF ARTS (1999) McMASTER UNIVERSITY (Sociology) Hamilton, Ontario TITLE: "www.hate.org" -- The North American White Supremacist Movement: An Analysis ofInternet Hate Web Sites AUTHOR: Allison M. Jones, B.A. (York University) SUPERVISOR: Professor V. Satzewich NUMBER OF PAGES: v, 220 ii Abstract This thesis is a qualitative study ofNorth American white supremacist organisations, and their Internet web sites. Major issues framing the discussion include identity and racism. The thesis takes into consideration Goffman's concepts of'impression management' and 'presentation ofself as they relate to the web site manifestations of 'white power' groups. The purpose ofthe study is to analyse how a sample ofwhite supremacist groups present themselves and their ideologies in the context ofthe World Wide Web, and what elements they use as a part oftheir 'performances', including text, phraseology, and images. Presentation ofselfintersects with racism in that many modern white supremacists use aspects ofthe 'new racism', 'coded language' and'rearticulation' in the attempt to make their fundamentally racist worldview more palatable to the mainstream. Impression management techniques are employed in a complex manner, in either a 'positive' or 'negative' sense. Used positively, methods may be employed to impress the audience with the 'rationality' ofthe arguments and ideas put forth by the web site creators. -
Monetary Policy Rules in the Pre-Emu Era Is There a Common Rule?1
WORKING PAPER SERIES NO 659 / JULY 2006 MONETARY POLICY RULES IN THE PRE-EMU ERA IS THERE A COMMON RULE? ISSN 1561081-0 by Maria Eleftheriou, Dieter Gerdesmeier 9 771561 081005 and Barbara Roffia WORKING PAPER SERIES NO 659 / JULY 2006 MONETARY POLICY RULES IN THE PRE-EMU ERA IS THERE A COMMON RULE?1 by Maria Eleftheriou 2, Dieter Gerdesmeier and Barbara Roffia 3 In 2006 all ECB publications will feature This paper can be downloaded without charge from a motif taken http://www.ecb.int or from the Social Science Research Network from the €5 banknote. electronic library at http://ssrn.com/abstract_id=913334 1 The paper does not necessarily reflect views of either the European Central Bank or the European University Institute. 2 European University Institute, Economics Department, e-mail: [email protected]. Supervision and support by Professor Helmut Lütkepohl and Professor Michael J. Artis are gratefully acknowledged. 3 European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany; fax: 0049-69-13445757; e-mail: [email protected] and e-mail: [email protected] Very useful comments by F. Smets and an anonymous referee are gratefully acknowledged. © European Central Bank, 2006 Address Kaiserstrasse 29 60311 Frankfurt am Main, Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main, Germany Telephone +49 69 1344 0 Internet http://www.ecb.int Fax +49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the author(s). -
The Discount Mechanism in Leading Industrial Countries Since World War Ii
FUNDAMENTAL REAPPRAISAL OF THE DISCOUNT MECHANISM THE DISCOUNT MECHANISM IN LEADING INDUSTRIAL COUNTRIES SINCE WORLD WAR II GEORGE GARVY Prepared for the Steering Committee for the Fundamental Reappraisal of the Discount Mechanism Appointed by the Board of Governors of the Federal Reserve System Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The following paper is one of a series prepared by the research staffs of the Board of Governors of the Federal Reserve System and of the Federal Reserve Banks and by academic economists in connection with the Fundamental Reappraisal of the Discount Mechanism. The analyses and conclusions set forth are those of the author and do not necessarily indicate concurrence by other members of the research staffs, by the Board of Governors, or by the Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE DISCOUNT MECHANISM IN LEADING COUNTRIES SINCE WORLD WAR II George Garvy Federal Reserve Bank of New York Contents Pages Foreword 1 Part I The Discount mechanism as a tool of monetary control. Introduction 2 Provision of central bank credit at the initiative of the banks • . , 4 Discounts 9 Advances . , 12 Widening of the range of objectives and tools of monetary policy 15 General contrasts with the United States 21 Rate policy 33 Quantitative controls 39 Selective controls through the discount window 48 Indirect access to the discount window . 50 Uniformity of administration 53 Concluding remarks 54 Part II The discount mechanism in individual countries. Introduction 58 Austria . f 59 Belgium 71 Canada 85 France 98 Federal Republic of Germany 125 Italy 138 Japan 152 Netherlands l66 Sweden 180 Switzerland 190 United Kingdom 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. -
Why Was Monetary Policy So Inept?
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: The Great Contraction, 1929–33 Volume Author/Editor: Milton Friedman and Anna J. Schwartz Volume Publisher: Princeton University Press Volume ISBN: 0-691-00350-5 Volume URL: http://www.nber.org/books/frie65-1 Publication Date: 1965 Chapter Title: Why Was Monetary Policy So Inept? Chapter Authors: Milton Friedman, Anna Jacobson Schwartz Chapter URL: http://www.nber.org/chapters/c9280 Chapter pages in book: (p. 111 - 123) THE GREAT c:0NTRAcTI0N 7. Why Was Monetary Pohcy SoIncp:.' We trust that, in light of the preceding sections ofthis chaptet, the adjective used in the heading of this one to characterize monetary policy during the critical period from 1929 to 1933 strikes OUt readersas it does us, as a plain description of fact. The monetarysystem collapsed, hut it clearly need not have done so. The actions required to prevent monetary collapse didnot call for a level of knowledge of the operation of the banking systemor of the work- ings of monetary forces or of economic fluctuations whichwas developed only later and was not available to the Reserve System. Onthe contrary. as we have pointed out earlier, pursuit of the policies outlined by the System itself in the 192O's, or for that matter by Bagehot in 1873,would have prevented the catastrophe. The men'ho established thFederal Reserve System had many misconceptions about monetary theoryand banking operations. It may well be that a policy in accordancewith their understanding of monetary matters would not have preventedthe decline in the stock of mone' from 1929 to the end of 1930.562 But theyunder- For example, H.