Monthly Review FEDERAL RESERVE OF

Index for the Year 1968

Guide to Page Numbers Month of issue Pages Month of issue Pages Month of issue Pages Month of issue Pages January ...... 1 — 16 April ...... 6 1 — 84 July ...... 129 — 152 October 205— 224 February ...... 17 — 36 May ...... 85 — 104 August ...... 153 — 176 November .... 225 — 240 March ...... 37 — 60 June ...... 105 — 128 September .... 177 — 204 December .... 241 — 256

Page Page America’s Role in Making the World Construction Financial System Work See Business Situation An address by Alfred Hayes 242 Coombs, Charles A. Balance of Payments Treasury and Federal Reserve foreign See Hayes, Alfred; International Finance exchange operations: semiannual report 38, 178

Bank Credit 31, 101, 164, 236 Davis, Richard G. See also Capital Markets, Commercial The role of the money supply in , Money Market business cycles 63

Banking and Monetary Developments Demand Quarterly article 31, 100, 164, 235 See Business Situation See also Commercial Banks, Member Banks Deposits 32, 102, 166, 238 See also Capital Markets, Money Market, Bond Market Money Supply See Money Market, Securities and Securities Markets Discount Rates Federal Reserve Banks 31, 77, 95, 100, 198, 235 Business Cycles, The Role of the Money Supply in An article by Richard G. Davis 63 Dollar Inflation and the defense of the dollar: Business Situation an address by Alfred Hayes 19 The challenge to the dollar in a changing Monthly article 3, 23, 53, 74, 92, 107, 139, 155, 194, 207, 226, 247 world: an address by Alfred Hayes 87 See also Business Cycles Employment 4, 24, 54, 75, 93, 109, Capita] Markets 140, 157, 196, 208, 228, 249 Recent capital market developments 147 Euro-bonds: an emerging international Euro-Dollar Markets capital market 169 Euro-dollars in the liquidity and reserve See also Securities and Securities Markets management of banks: an article by Fred H. Klopstock 130 Euro-bonds: an emerging international Capital Spending capital market See Business Situation Primary author: Martin Barrett 169 See also International Finance Certificates of Deposit See Commercial Banks, Money Market Exchange Rates, Foreign See Foreign Exchange Markets Challenge to the Dollar in a Changing World, The Foreign Exchange Markets An address by Alfred Hayes 87 Treasury and Federal Reserve foreign exchange operations: semiannual report by Charles A. Coombs 38, 178 Commercial Banks See also Hayes, Alfred; International Banking and monetary developments Finance (quarterly article) 31, 100, 164, 235 Euro-dollars in the liquidity and reserve management of United States banks: Foreign Liquid Assets in an article by Fred H. Klopstock 130 the United States, 1957-67 Commercial banks and the Government Primary author: Leon Korobow 117 securities market: an article by Joseph Scherer 215 See also Capital Markets, International Government Securities Market Finance, Money Market, Money Supply See Securities and Securities Markets

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Page Page Gross National Product 23, 92, 155, 226 Member Banks See also Business Situation Member bank reserves 6, 26, 57, 77, 97, 115 146, 159, 198, 210, 230, 235, 251 See also Commercial Banks Hayes, Alfred Inflation and the defense of the dollar (an address) 19 Monetary Policy The challenge to the dollar in a Banking and monetary developments changing world (an address) 87 (quarterly article) 31, 100, 164, 235 America’s role in making the world See also Commercial Banks; Hayes, Alfred; financial system work (an address) 242 International Finance; Money Market

Income Money Market See Business Situation Monthly article 6, 26, 55, 77, 95, 110, 142, 159, 198, 210, 230, 251 Banking and monetary developments (quarterly article) 31, 100, 164, 235 Industrial Production 3, 24, 53, 74, 93, 107, See also Capital Markets, Euro-Dollar 139, 157, 194, 207, 228, 247 Markets

Inflation and the Defense of the Dollar Money Supply 32, 102, 166, 238 An address by Alfred Hayes 19 The role of the money supply in business cycles: an article by Richard G. Davis 63

Interest Rates 3, 53, 74, 107, 139 See Capital Markets, Commercial Banks, Orders, New Discount Rates, Money Market, Prime Rate Prices 5, 25, 55, 76, 94, 109, 141, 158, 196, 209, 229, 250 International Finance Special drawing rights: a major step in the evolution of the world’s monetary system Prime Rate 95, 210, 236 Treasury and Federal Reserve foreign exchange operations: semiannual report by Charles A. Coombs 38, 178 Reserve Requirements 6, 31, 100 Foreign liquid assets in the United States, 1957-67 117 Euro-dollars in the liquidity and reserve management of United States banks: Sales, Retail an article by Fred H. Klopstock 130 See Business Situation Euro-bonds: an emerging international capital market 169 America’s role in making the world Scherer, Joseph financial system work: an address Commercial banks and the by Alfred Hayes 242 Government securities market 215 See also Hayes, Alfred

Securities and Securities Markets Inventories 107, 194, 207, 247 Government securities market 7, 27, 59, 79, 98, 111, See also Business Situation 142, 161, 199, 212, 232, 253 Other securities markets 9, 30, 59, 81, 99, 113, 144, 163, 203, 214, 234, 255 Commercial banks and the Government Investment securities market: an article by See Business Situation, Capital Markets, Joseph Scherer 215 International Finance, Money Market See also Capital Markets

Klopstock, Fred H. Special Drawing Rights: A Major Step in the Euro-dollars in the liquidity and reserve Evolution of the World’s Monetary System management of United States banks 130 Primary authors: Martin Barrett and Margaret L. Greene 10

Labor Costs Thrift Institutions See Business Situation See Banking and Monetary Developments

Liquidity 33, 103, 167 United States Treasury Foreign liquid assets in the United Treasury and Federal Reserve foreign States, 1957-67 117 exchange operations: semiannual Euro-dollars in the liquidity and reserve report by Charles A. Coombs 38, 178 management of United States banks: See also Securities and Securities Markets an article by Fred H. Klopstock 130 See also International Finance World’s Monetary System Special drawing rights: a major step in the Loans evolution of the world’s monetary system 10 See Money Market See also Hayes, Alfred; International Finance

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis