CREDIT POLICIES FED RESERV

by Charles O. Hardy

Charles Hardy examines the history of the Federal Reserve's policies and their impact on the organization of the banking system in the post World War I period. The author provides a detailed background of central banking activities and credit control decisions for the 1920's and early 30's. Especially noted and examined is the importation and management of gold and gold certificates during this period as well as international coordination between central banks. Hardy's work is an essential review and critique of Federal Reserve policy implementation during a period which was highly influential to the Great Depression.
Director’s Preface

Author’s Acknowledgments

Part I: Organization and Practice

I: Standards of Credit Policy

II: The Technique Of Credit Control

III: Banking And Business, 1922-31

I. Decentralized Credit Control, 1922-23

II. Moderate Restraint, April-December 1923

III. An Easy Money Policy, 1924

IV. A Period of Neutrality, 1925-26

V. Easy Money Again, 1927

VI. The Attempt to Curtail Speculation, 1928-29

VII. The Banks and the Depression, 1930-31

VIII. The Crisis of 1931

Part II: The Major Standards

IV: Stabilization of The Money Market

I. The Tradition of Central Bank Policy

II. Temporary Disturbances

III. Cyclical Disturbances

IV. Gold Movements

V: Maintenance of Sound Credit Conditions

VI: International Co-Operation
VII: The Reserve Board and the Stock Market: The Technique of Control

VIII: The Reserve Board And The Stock Market: The Objectives of Control

IX: Reserve Credit and the Gold Supply

I. The Gold Movement and the Volume of Credit

II. Gold Stock and Credit Policy

III. What Policy Should Have Been Followed?

X: Stabilization of Prices

Addendum

XI: Efficacy of the Reserve System’s Technique

Part III: The Minor Standards

XII: Liquidity of Commercial Bank Assets the Acceptance Market

XIII: Liquidity of Commercial Bank Assets Eligibility For Rediscount

XIV: The Federal Reserve System and the Treasury

XV: Regional Uniformity of Rates

Part IV: The Results of Credit Control

XVI: The Quantity of Credit: Excess or Deficiency

I. Reserve Credit And Bank Credit

II. The Amount of Credit Which A Country Needs

XVII: The Quality of Credit: Liquidity and Safety
I. The Banker’s Viewpoint: Liquidity

II. The Borrower’s Viewpoint: Vested Interests

III. The Depositor’s Viewpoint: Bank Failures

Appendices

Appendix A: Statistical Data

I. Reserve Bank Credit and Factors in Changes, Jan. 1, 1922 to June 1, 1932

II. Gold Imports into and Exports from The United States, by Countries, 1922-31

III. Discount Rates of Federal Reserve Banks on All Classes and Maturities of Discounted Bills, January 1, 1922 to June 30, 1932

">IV. Reserve Percentage of the Federal Reserve Banks, by Months, 1922-32

V. Principal Resources and Liabilities of All Member Banks, on Call Dates, 1922-31

Appendix B: References For Further Reading

Index

Publications

63 pages, Hardcover

First published March 1, 1983

About the author

Charles Oscar Hardy (1884- )