DOCSLIB.ORG

Federal Reserve Bulletin August 1936

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Federal Reserve Bulletin August 1936 FEDERAL RESERVE BULLETIN AUGUST 1936 ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AT WASHINGTON Increase by Board in Reserve Requirements of Member Banks UNITED STATES OF AMERICA 1936 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman JOSEPH A. BRODERICK RONALD RANSOM M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKEE CHARLES S. HAMLIN, Special Counsel LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel J. P. DREIBELBIS, Assistant General Counsel LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LAUCHLIN CURRIE, Assistant Director, Division of Research and Statistics GEORGE W. BLATTNER, Assistant Director, Division of Research and Statistics E. L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman District No. 1 (BOSTON) THOMAS M. STEELE. GEORGE L. HARRISON, Vice Chairman District No. 2 (NEW YORK) JAMES H. PERKINS. JOSEPH A. BRODERICK District No. 3 (PHILADELPHIA) HOWARD A. LOEB, CHESTER C. DAVIS Vice-President. M. J. FLEMING G. H. HAMILTON District No. 4 (CLEVELAND) ARTHUR E. BRAUN. JOHN K. MCKEE District No. 5 (RICHMOND) CHARLES M. GOHEN. B. A. MCKINNEY District No. 6 (ATLANTA) H. LANE YOUNG. RONALD RANSOM District No. 7 (CHICAGO) EDWARD E. BROWN. GEORGE J. SCHALLER District No. 8 (ST. LOUIS) WALTER W. SMITH, M. S. SZYMCZAK President. District No. 9 (MINNEAPOLIS) THEODORE WOLD. CHESTER MORRILL, Secretary District No. 10 (KANSAS CITY) W. T. KEMPER. WALTER WYATT, General Counsel J. P. D.IEIBELBIS, Assistant General Counsel District No. 11 (DALLAS) JOSEPH H. FROST. E. A. GOLDENWEISER, Economist District No. 12 (SAN FRANCISCO) __M. A. ARNOLD. JOHN H. WILLIAMS, Associate Economist W. RANDOLPH BURGESS, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman and Federal Bank of— Reserve Agent President First Vice President Vice Presidents Boston F. H. Curtiss R. A. Young.... W. W. Paddock.. W. Willett.2 New York.. Owen D. Young1. G. L. Harrison.. Allan Sproul W. R. Burgess. L. R. Rounds. L. F. Sailer. W. S. Logan. J. H. Williams. C. H. Coe. Philadelphia.. R. L. Austin. J. S. Sinclair.. F. J. Drinnen... C. A. Mcllhenny.3 W. J. Davis. Cleveland E. S. Burke, Jr.. M. J. Fleming.. F. J. Zurlinden.. H. F. Strater. W. F. Taylor.2 W. H. Fletcher. Richmond- F. A. Delano.. Hugh Leach.. R. H. Broaddus. J. S. Walden, Jr. G. H. Keesee.2 Atlanta.. H. W. Martin. Oscar Newton.. R. S. Parker H. F. Conniff. M. W. Bell.2 Chicago.. R. E. Wood1... G. J. Schaller.. H. P. Preston C. R. McKay. W. H. Snyder.s C. S. Young. J. H. Dillard. St. Louis Paul Dillard1 - W. McC. Martin.. O. M. Attebery. J. S. Wood. J. G. McConkey. Minneapolis.. W. B. Geery.. J. N. Peyton.. Harry Yaeger. H. I. Ziemer.s E. W. Swanson. 0. S. Powell. Kansas City J. J. Thomas.. G. H. Hamilton... C. A. Worthington.. J. W. Helm.3 Dallas C. C. Walsh... B. A. McKinney.. R. R. Gilbert. R. B. Coleman.3 San Francisco W. N. Moore W. A. Day Ira Clerk W. M. Hale. C. E. Earhart.2 1 Deputy chairman. 2 Cashier. 3 Also cashier MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch R. M. O'Hara. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch B. J. Lazar. Denver branch J. E. Olson. Pittsburgh branch T. C. Griggs. Oklahoma City branch C. E. Daniel. Richmond: Omaha branch L. H. Earhart. Baltimore branch W. R. Milford Dallas: Charlotte branch._ W. T. Clements. El Paso branch J. L. Hermann. Atlanta: Houston branch W. D. Gentry. Birmingham branch J. H. Frye. San Antonio branch M. Crump. Jacksonville branch G. S. Vardeman, Jr. San Francisco: Nashville branch J. B. Fort, Jr. Los Angeles branch. W. N. Ambrose. New Orleans branch Marcus Walker. Portland branch R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch R. H. Buss. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Little Rock branch __ A. F. Bailey. Louisville branch J. T. Moore. Memphis branch W. H. Glasgow. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS PAGE Review of the month—Increase in reserve requirements 613-619 National summary of business conditions 620-621 Summary of financial and business statistics 623 Law department: Supplement to Regulation D, increasing reserve requirements 624 Rulings of the Board: Advances under section 10(b) of the Federal Reserve Act to member banks which have not exhausted their eligible paper 624 Withdrawal from savings deposit upon telephone or other oral order by depositor 624 Loans to partnerships under section 22 (g) of the Federal Reserve Act 625 Applicability of Public Utility Holding Company Act of 1935 to officers and directors of banks 625 Revision of index of department store sales 631 Balance of international payments of the United States 632 International investment position of the United States 633 Financial, industrial, and commercial statistics: Member bank reserves, Reserve bank credit, and related items 636 Federal Reserve bank statistics 637-639 Member bank reserve balances 640 Money in circulation 641 Gold stock and gold movements 642 All banks in the United States 643 All member banks 644-645 Reporting member banks in leading cities 646-649 Banks suspended and placed in liquidation or receivership; bank debits; Postal Savings System 650 Acceptances, commercial paper, and brokers' borrowings 651 Federal Reserve bank discount rates 652 Money rates and bond yields 653 Security markets 654 Treasury finance 655 Governmental corporations and credit agencies 656-657 Production, employment, and trade 658-664 Wholesale prices 665 July crop report 666 International financial statistics: Gold reserves of central banks and governments 667 Gold production 668 Gold movements 668-670 Central banks 671-674 Bank for International Settlements 674 Commercial banks 675 Discount rates of central banks 676 Money rates 676 Foreign exchange rates 677 Price movements: Wholesale prices 678 Retail food prices and cost of living 679 Security prices 679 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 22 AUGUST 1936 No. 8 REVIEW OF THE MONTH cess reserves have resulted almost entirely Excess reserves of member banks have from the inflow of gold from abroad and not been in extraordinarily large volume for from the System's policy of encouraging full many months as a consequence recovery through the creation and main- Increase in of an inflow of gold from tenance of easy money conditions. This easy abroad. The problems raised money policy remains unchanged and will by these reserves have long be continued. been under consideration by the Board of "The part of the excess reserves thus elimi- Governors. In order to change a part of the nated is superfluous for all present or pros- excess reserves into required reserves and pective needs of commerce, industry, and thus to eliminate the possibility of this part agriculture and can be absorbed at this time of the reserves becoming the basis of an without affecting money rates and without injurious credit expansion, the Board on restrictive influence upon member banks, July 14 decided to exercise its power under practically all of which now have far more the Banking Act of 1935 to raise member than sufficient reserves and balances with bank reserve requirements. The considera- other banks to meet the increases. Further- tions that led the Board to adopt this course more, by this action the remaining volume of of action are presented in a statement to the excess reserves, which will still be larger press, which was issued on July 14 for pub- than at any time in the System's history lication the following day, the text of which prior to the recent large inflow of gold, is is as follows: brought within the scope of control by the 'The Board of Governors of the Federal Federal Open Market Committee which, as Reserve System today increased the reserve constituted by the Banking Act of 1935, con- requirements for member sists of the members of the Board of Gov- f°r banks as follows: on demand ernors and five representatives elected re- deposits at banks in central gionally by the Federal Reserve banks.
Load more

Recommended publications
  • SURVEY of CURRENT BUSINESS September 1935
    SEPTEMBER 1935 OF CURRENT BUSINE UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 15 NUMBER 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis UNITED STATES BUREAU OF MINES MINERALS YEARBOOK 1935 The First Complete Official Record Issued in 1935 A LIBRARY OF CURRENT DEVELOPMENTS IN THE MINERAL INDUSTRY (In One Volume) Survey of gold and silver mining and markets Detailed State mining reviews Current trends in coal and oil Analysis of the extent of business recovery for vari- ous mineral groups 75 Chapters ' 59 Contributors ' 129 Illustrations - about 1200 Pages THE STANDARD AUTHENTIC REFERENCE BOOK ON THE MINING INDUSTRY CO NT ENTS Part I—Survey of the mineral industries: Secondary metals Part m—Konmetals- Lime Review of the mineral industry Iron ore, pig iron, ferro'alloys, and steel Coal Clay Coke and byproducts Abrasive materials Statistical summary of mineral production Bauxite e,nd aluminum World production of minerals and economic Recent developments in coal preparation and Sulphur and pyrites Mercury utilization Salt, bromine, calcium chloride, and iodine aspects of international mineral policies Mangane.se and manganiferous ores Fuel briquets Phosphate rock Part 11—Metals: Molybdenum Peat Fuller's earth Gold and silver Crude petroleum and petroleum products Talc and ground soapstone Copper Tungsten Uses of petroleum fuels Fluorspar and cryolite Lead Tin Influences of petroleum technology upon com- Feldspar posite interest in oil Zinc ChroHHtt: Asbestos
    [Show full text]
  • Did Doubling Reserve Requirements Cause the Recession of 1937-1938? a Microeconomic Approach
    NBER WORKING PAPER SERIES DID DOUBLING RESERVE REQUIREMENTS CAUSE THE RECESSION OF 1937-1938? A MICROECONOMIC APPROACH Charles W. Calomiris Joseph Mason David Wheelock Working Paper 16688 http://www.nber.org/papers/w16688 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2011 The authors thank Hong Lee and David Lopez for research assistance, and Allan Meltzer for helpful discussions. Views expressed in this paper do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, 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. © 2011 by Charles W. Calomiris, Joseph Mason, and David Wheelock. 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. Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach Charles W. Calomiris, Joseph Mason, and David Wheelock NBER Working Paper No. 16688 January 2011 JEL No. E51,E58,G21,G28,N12,N22 ABSTRACT In 1936-37, the Federal Reserve doubled the reserve requirements imposed on member banks. Ever since, the question of whether the doubling of reserve requirements increased reserve demand and produced a contraction of money and credit, and thereby helped to cause the recession of 1937-1938, has been a matter of controversy. Using microeconomic data to gauge the fundamental reserve demands of Fed member banks, we find that despite being doubled, reserve requirements were not binding on bank reserve demand in 1936 and 1937, and therefore could not have produced a significant contraction in the money multiplier.
    [Show full text]
  • August 1935) James Francis Cooke
    Gardner-Webb University Digital Commons @ Gardner-Webb University The tudeE Magazine: 1883-1957 John R. Dover Memorial Library 8-1-1935 Volume 53, Number 08 (August 1935) James Francis Cooke Follow this and additional works at: https://digitalcommons.gardner-webb.edu/etude Part of the Composition Commons, Ethnomusicology Commons, Fine Arts Commons, History Commons, Liturgy and Worship Commons, Music Education Commons, Musicology Commons, Music Pedagogy Commons, Music Performance Commons, Music Practice Commons, and the Music Theory Commons Recommended Citation Cooke, James Francis. "Volume 53, Number 08 (August 1935)." , (1935). https://digitalcommons.gardner-webb.edu/etude/836 This Book is brought to you for free and open access by the John R. Dover Memorial Library at Digital Commons @ Gardner-Webb University. It has been accepted for inclusion in The tudeE Magazine: 1883-1957 by an authorized administrator of Digital Commons @ Gardner-Webb University. For more information, please contact [email protected]. THE ETUDE AUGUST 1935 PAGE 441 Instrumental rr Ensemble Music easy QUARTETS !£=;= THE BRASS CHOIR A COLLECTION FOR BRASS INSTRUMENTS , saptc PUBLISHED FOR ar”!S.""c-.ss;v' mmizm HIM The well ^uiPJ^^at^Jrui^“P-a0[a^ L DAY IN VE JhEODORE pRESSER ^O. DIRECT-MAIL SERVICE ON EVERYTHING IN MUSIC PUBLICATIONS * A Editor JAMES FRANCIS COOKE THE ETUDE Associate Editor EDWARD ELLSWORTH HIPSHER Published Monthly By Music Magazine THEODORE PRESSER CO. 1712 Chestnut Street A monthly journal for teachers, students and all lovers OF music PHILADELPHIA, PENNA. VOL. LIIINo. 8 • AUGUST, 1935 The World of Music Interesting and Important Items Gleaned in a Constant Watch on Happenings and Activities Pertaining to Things Musical Everyw er THE “STABAT NINA HAGERUP GRIEG, widow of MATER” of Dr.
    [Show full text]
  • Records of the Immigration and Naturalization Service, 1891-1957, Record Group 85 New Orleans, Louisiana Crew Lists of Vessels Arriving at New Orleans, LA, 1910-1945
    Records of the Immigration and Naturalization Service, 1891-1957, Record Group 85 New Orleans, Louisiana Crew Lists of Vessels Arriving at New Orleans, LA, 1910-1945. T939. 311 rolls. (~A complete list of rolls has been added.) Roll Volumes Dates 1 1-3 January-June, 1910 2 4-5 July-October, 1910 3 6-7 November, 1910-February, 1911 4 8-9 March-June, 1911 5 10-11 July-October, 1911 6 12-13 November, 1911-February, 1912 7 14-15 March-June, 1912 8 16-17 July-October, 1912 9 18-19 November, 1912-February, 1913 10 20-21 March-June, 1913 11 22-23 July-October, 1913 12 24-25 November, 1913-February, 1914 13 26 March-April, 1914 14 27 May-June, 1914 15 28-29 July-October, 1914 16 30-31 November, 1914-February, 1915 17 32 March-April, 1915 18 33 May-June, 1915 19 34-35 July-October, 1915 20 36-37 November, 1915-February, 1916 21 38-39 March-June, 1916 22 40-41 July-October, 1916 23 42-43 November, 1916-February, 1917 24 44 March-April, 1917 25 45 May-June, 1917 26 46 July-August, 1917 27 47 September-October, 1917 28 48 November-December, 1917 29 49-50 Jan. 1-Mar. 15, 1918 30 51-53 Mar. 16-Apr. 30, 1918 31 56-59 June 1-Aug. 15, 1918 32 60-64 Aug. 16-0ct. 31, 1918 33 65-69 Nov. 1', 1918-Jan. 15, 1919 34 70-73 Jan. 16-Mar. 31, 1919 35 74-77 April-May, 1919 36 78-79 June-July, 1919 37 80-81 August-September, 1919 38 82-83 October-November, 1919 39 84-85 December, 1919-January, 1920 40 86-87 February-March, 1920 41 88-89 April-May, 1920 42 90 June, 1920 43 91 July, 1920 44 92 August, 1920 45 93 September, 1920 46 94 October, 1920 47 95-96 November, 1920 48 97-98 December, 1920 49 99-100 Jan.
    [Show full text]
  • FLOOD of AUGUST 1935 Dtf MUSKINGUM RIVER Z < 5
    UNITED STATES DEPARTMENT OF THE INTERIOR Harold L. Ickes, Secretary GEOLOGICAL SURVEY W. C. Mendenhall, Director Water-Supply Paper 869 FLOOD OF AUGUST 1935 dtf MUSKINGUM RIVER o O z < 5 BY i ;> ^, C. V. YOUNGQUIST AND W. B. WITH SECTIONS ON THE ASSOCIATES METEOROLOGY AND HYDROLOOT ^ ;j . » BY * V WALDO E. SMITH AND A. K. SHOWALTEK 2. Prepared in cooperation with the * ^* FEDERAL EMERGENCY ADMINISTRAflCg^ OF PUBLIC WORKS ' -o j; UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1941 jFor sale by the Superintendent of Documents, Washington, D. G. - * * « Price 40 cents (paper) CONTENTS Pag« Abstract---.--_-_-__-__-___--______.-__-_---_---_-__-_--_-__-.-_._ I Introduction.______________________________________________________ 1 Administration and personnel---_______--_-_____-__--____________-__ 3 Acknowledgments ________-________-----_--__--__-_________________ 3 Geography _ ____________________________________________________ 6 Topography, drainage, and transportation________________________ 6 Rainfall...--_---.-__-------.-_--------__..---_-----------_---- 7 Population, industry, and mineral resources_---_-__--_________--__ 8 Flood control-___-_-___-__-_-__-____-_--_-_-__--_--__.____--_- S General features of the flood-_______________________________________ 9 Damage.-__-_______--____-__--__--__-_-____--_______-____--__ IT Meteorologic and hydrologic conditions, by Waldo E. Smith____________ 19 General features of the storm.___-____-__________---_____--__--_ 19 Records of precipitation._______________________________________ 21 Antecedent
    [Show full text]
  • The 1930S: a New Curriculum and Coeducation, by Mary Hull Mohr
    The 1930s: A New Curriculum and Coeducation, by Mary Hull Mohr Two of Luther’s most transformative changes came in the early 1930s: the ending of the classical curriculum and the beginning of coeducation. Both decisions were in part driven by financial concerns. The enrollment of the college dropped from 345 in 1930-31 to 283 students in the 1931-32 school year, and the college had significant debt. President Olson had strongly supported the classical curriculum, but in the face of financial pressures and student and constituency challenges, he affirmed the faculty’s vote to adopt new curricular requirements starting in September of 1931. Christianity retained its 14 hour requirement, but students were no longer required to take Greek, Latin, German, Norwegian, history, and mathematics. A two- year requirement in the language of the student’s choice remained (one year if the student had taken two years in high school). History was folded into a social science requirement and mathematics into a science and math requirement. Since majors, minors, and electives were already options, Luther had finally adopted the pattern common in most of the colleges and universities in the United States. The day after the adoption of the new curriculum by the faculty, President Olson announced that he was advocating coeducation. A staunch supporter of Luther as a college for men, Olson must have believed that the financial crisis would be alleviated by the admission of women. Not everyone agreed. Some believed coeducation would require additional resources: new courses for women, female faculty, housing needs. And, indeed, it did.
    [Show full text]
  • Monthly Review of Agricultural and Business Conditions in the Ninth Federal Reserve District
    MONTHLY REVIEW OF AGRICULTURAL AND BUSINESS CONDITIONS IN THE NINTH FEDERAL RESERVE DISTRICT Sl 1, Vol. 7 (Mori 3/ Federal Reserve Bank, Minneapolis, Minn. September 28, 1937 August business volume equalled that of July. year but at country stores was somewhat smaller. Iron ore shipments and gold production set new However, retail sales at country stores during the all-time records. Bank deposits and loans and invest- first 8 months of 1937 continued to show a greater ments increased seasonally. Retail trade was nearly increase over sales during the same period in 1936 as large as August last year. Heavy grain market- than city department store sales. The mountain sec- ings and higher livestock prices raised farmers cash tion of Montana was the only section in the entire income well above August 1936. Corn and potato District to show a larger volume of sales in August prospects improved during the month. this year than in August a year ago. DISTRICT SUMMARY OF BUSINESS Retail Trade % Aug., The volume of business in August was about as No. of 1937 of % 1937 large as in the preceding month and in August last Stores Aug. 1936 of 1936 year. The country check clearings index was the Mpls., St. Paul, Duluth-Superior .. 21 100 06 highest on record and the index of bank debits at Country Stores 447 96 08 farming centers was as large as in any month since Minnesota—Central 31 96 10 1931. Minnesota—Northeastern 16 98 12 Minnesota—Red River Valley.. 9 96 12 Minnesota—South Central . 32 99 17 Northwestern Business Indexes Minnesota—Southeastern 19 100 12 (Varying base periods) Minnesota—Southwestern 43 94 09 Aug.
    [Show full text]
  • Monetary Policy and Bank Risk-Taking: Evidence from the Corporate Loan Market
    Monetary Policy and Bank Risk-Taking: Evidence from the Corporate Loan Market Teodora Paligorova∗ Bank of Canada E-mail: [email protected] Jo~aoA. C. Santos∗ Federal Reserve Bank of New York and Nova School of Business and Economics E-mail: [email protected] November 22, 2012 Abstract Our investigation of banks' corporate loan pricing policies in the United States over the past two decades finds that monetary policy is an important driver of banks' risk-taking incentives. We show that banks charge riskier borrowers (relative to safer borrowers) lower premiums in periods of easy monetary policy than in periods of tight monetary policy. This interest rate discount is robust to borrower-, loan-, and bank-specific factors, macroe- conomic factors and various types of unobserved heterogeneity at the bank and firm levels. Using individual bank information about lending standards from the Senior Loan Officers Opinion Survey (SLOOS), we unveil evidence that the interest rate discount for riskier borrowers in periods of easy monetary policy is prevalent among banks with greater risk appetite. This finding confirms that the loan pricing discount we observe is indeed driven by the bank risk-taking channel of monetary policy. JEL classification: G21 Key words: Monetary policy, risk-taking channel, loan spreads ∗The authors thank Jose Berrospide, Christa Bouwman, Daniel Carvalho, Scott Hendry, Kim Huynh, David Martinez-Miera and seminar participants at Nova School of Business and Economics, SFU Beedie School of Business, the 2012 FIRS Meeting in Minneapolis, and the 2012 Bank of Spain and Bank of Canada \International Financial Markets" Workshop for useful comments.
    [Show full text]
  • Curriculum Vital February 2017 GABRIEL
    Curriculum Vital February 2017 GABRIEL JIMÉNEZ ZAMBRANO Bank of Spain Directorate General of Financial Stability and Resolution Financial Stability Department Alcalá, 50 28014 Madrid, Spain Phone: + 34 91 338 57 10 e-mail: [email protected] EDUCATION Abril 2013 ESADE: Executive MBA on Leadership Development, June 2001 CEMFI (Bank of Spain): MSc in Economics and Finance. June 1999 University Complutense of Madrid: Bachelor of Arts Degree in Mathematics (Special Prize) WORK EXPERIENCE Since May 2015 Head of the Regulatory Impact Assessment Unit, Directorate General Financial Stability and Resolution, Financial Stability Department, Banco de España. Dec. 2007-April 2015 Head of the Banking Sector Analysis Unit, Directorate General Regulation, Financial Stability Department, Banco de España. Sept. 01-Nov. 07 Economist, Directorate General Regulation, Financial Stability Department, Banco de España. PRIZES 2015 Jaime Fernández de Araoz on Corporate Finance PUBLICATIONS (in chronological order) When Credit Dries Up: Job Losses in the Great Recession (with S. Bentolila and M. Jansen) Journal of the European Economic Association, forthcoming, 2017. Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments (with S. Ongena, J. L. Peydró and J. Saurina) Journal of Political Economy, forthcoming, 2017. 1 Hazardous Times for Monetary Policy: What do Twenty-Three Million Bank Loans say About the Effects of Monetary Policy on Credit Risk-Taking? (with S. Ongena, J. L. Peydró and J. Saurina) Econometrica, 82 (2), 463-505, 2014. How Does Competition Impact Bank Risk Taking? (with J. A. López and J. Saurina) Journal of Financial Stability, 9, 185-195, 2013. Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications (with S.
    [Show full text]
  • Stagflation in the 1930S: Why Did the French New Deal Fail?
    Stagflation in the 1930s: Why did the French New Deal Fail? Jeremie Cohen-Setton, Joshua K. Hausman, and Johannes F. Wieland∗ August 15, 2014 VERSION 1.0. VERY PRELIMINARY. DO NOT CITE WITHOUT PERMISSION. The latest version is available here. Abstract Most countries started to recover from the Great Depression when they left the Gold Stan- dard. France did not. In 1936, France both left the Gold Standard and enacted New- Deal-style policies, in particular wage increases and a 40-hour week law. The result was stagflation; prices rose rapidly from 1936 to 1938 while output stagnated. Using panel data on sectoral output, we show that the 40-hour week restriction had strong negative effects on production. Absent this law, France would likely have followed the usual pattern of rapid recovery after leaving the Gold Standard. We construct a model to show how supply-side policies could have prevented output growth despite excess capacity and a large real interest rate decline. ∗Cohen-Setton: University of California, Berkeley. 530 Evans Hall #3880, Berkeley, CA 94720. Email: [email protected]. Phone: (510) 277-6413. Hausman: Ford School of Public Policy, Uni- versity of Michigan. 735 S. State St. #3309, Ann Arbor, MI 48109. Email: [email protected]. Phone: (734) 763-3479. Wieland: Department of Economics, University of California, San Diego. 9500 Gilman Dr. #0508, La Jolla, CA 92093-0508. Email: [email protected]. Phone: (510) 388-2785. We thank Walid Badawi and Matthew Haarer for superb research assistance. “CABINETS, in France, may come and Cabinets may go, but the economic crisis seems to go on for ever.” - The Economist, 2/5/1938, p.
    [Show full text]
  • AL GAZETTE COLONY and PROTECTORATE KENYA Published Under the Authority of His Excellency the Governor of the Colony and Protectorate of Kenya
    THE AL GAZETTE COLONY AND PROTECTORATE KENYA Published under the Authority of His Excellency the Governor of the Colony and Protectorate of Kenya Vol. XXXVII.-No. 39 NAIROBI, August 13, 1935 Price 50 Cents Registered as a News~averat the G P. 0 Published every Tuesday TABLE OF CONTENTS PAGE ~Govt.Notice No. .561-Arrivals, Departures, Appointments, etc. ... ... ... ... ... 900 Proclamations Nos. 75-76-The Diseases of Animals Ordinance . ... ... ... 901 Govt. Notice No. 562-The Native Authority Ordinance-Appointment ... ... ... ... 901 ,) ,, ,, 563-565-The Justices of the Peace Ordinance-Appoint~~~entsDetermined ... 902 , 3 y j ,, 56GThe Mining Ordinance, 1933-Exculsive Prospecting Licences Renewed ... 902 , t , , .. 567-The Native Authority Ordinance-Appointment ... ... ... ... 903 , t ,I , , 568-The Resident Native Labourers Ordinance-Appointments ... ... 903 ... ... ... ... ,! 3 , .. 569-The Townships Ordinance, 1930-Appointment 903 ,) ,, ,, 570-The King's African Rifles Reserve of Officers Ordinance, 1927-Appoint- ments ... ... ... ... ... ... ... ... 903 dJeneral Noticea Nos. 1012-1035 ... ... ... ... ... ... ... ... ... 903 SUPPLEMENT ORDINANCES. 90t) THE OFFICIAL GAZETTE Augqst 13, 1935 A OVERNMENT NOTICE NO. S61 A RRIVA LS Name lj Rank F1srto mA plepaoyme tomre onnt jl DatEen ogfl alenadw ng 1l Emobartek aotfi on oaat teM oof marbraivsal 1 I t H l . R. Senior Juuior Postmaster Leave f 29th June, 1935 - 31st Julyj 1935 * L. Shoolman Government Coast Agent do i 20th June, 1935 - 2nd Aug., 1935 Mrs. X .D. Smit Education Omcer do 'i - :3:.d July, 1935 f do 'W . P. Bruce Laboratory Asst.. Agrie. Dept. da 1 1 th July, 1 93S - 6th Aup, 1935 B. B. Donald Supdt. of Prisons do do .- do SJ. MacMunn Education Oflicer do l do do .
    [Show full text]
  • Business Review: October 1, 1937
    Monthly Busine s Review OF THE FEDERAL RESERVE BANK OF DALLAS (Compiled September 15, 1937) ~~============================================================================================== Volume 22, No.8 Dallas, Texas, October 1, 1937 This copy is released for pub. Sept 30 lication in morning papers- ' . ~=============================================================================================== DISTRICT SUMMARY ------------------------------------------------ The output of petroleum, which had increased somewhat THE SITUATION AT A GLANCE in July, rose to a new high level in August, but declined Elovonlh Fodoral Roservo Distriol Percontage ohange (rom in the first half of September when allowables in Texas August . were reduced. Nevertheless, the daily production rate at 1937 Aug., 1936 July, 1937 g:~~r~ebit~ ~o individual acoounts (18 oities) . .. $843,250,000 + 19.0 - 7.1 mid-September was higher than in any month prior to Wti ol~ e ol s~ro sales ........... ......... + ILl +16.0 August. Valuo o( 0 ra 0 ~Ies (five lines) .............. + 9.4 +18.2 Valuatior:'~n~~kt0n contr.aots aw~r?od ........ s· :ii,53'I,cca +130.6 +98.1 Comm . I . J og permIts (14 Oltles) ....... .. S 4,323,618 - 7.2 +16.6 Despite the effects of the hot, dry weather prevailing in Comm:~~ l:1 f:N~res (~u""l?O!) ................. 14 - 30.0 -12.6 Daily res (hablhhes) ............... $ 74,000 - 72 .6 - 14 .9 the forepart of the month, weather conditions in August avernKc orude oil produotion (barrols) . ... 1,726,186 + 30.1 + 6.3 were generally favorable for crops in this district. Depart. ------------------------------------------------ ment of Agriculture estimates as of September 1 reflected upward revisions in the prospective production of several . Business and industrial activity in the Eleventh District crops.
    [Show full text]