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Another perspective on the reserve requirement increments of 1936 and 1937

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  • ROBERT F. STAUFFER

Abstract

The purpose of this analysis is to investigate three issues surrounding the Federal Reserve's doubling of reserve requirements between August 1936 and May 1937. First of all, arguments are offered that strengthen and complement L.G. Telser's analysis of how bank lending was affected by reserve ratio increases. Second, a unique money multiplier model is utilized to measure the impact of these policy changes on excess reserves and the money supply. Finally, the possible relationships between Fed policy changes and the recession of 1937-1938 are discussed, including the Friedman and Schwartz perspective.

Suggested Citation

  • Robert F. Stauffer, 2002. "Another perspective on the reserve requirement increments of 1936 and 1937," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 25(1), pages 161-179.
    • Handle: RePEc:mes:postke:v:25:y:2002:i:1:p:161-179
    DOI: 10.1080/01603477.2002.11051343
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    Cited by:

    1. Haelim Park & Patrick Van Horn, 2015. "Did the Reserve Requirement Increases of 1936–37 Reduce Bank Lending? Evidence from a Quasi‐Experiment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(5), pages 791-818, August.
    2. Douglas A. Irwin, 2011. "Gold Sterilization and the Recession of 1937-38," NBER Working Papers 17595, National Bureau of Economic Research, Inc.

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