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The Federal Reserve Act and Federal Reserve Policies

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  • S. E. Harris

Abstract

I. Introduction, 371. — II. Origins of the Act, 373. — III. Nature of the System, 376. — Eligibility, 378. — Interpretation of eligibility provisions by the Board, 379. — Goodness versus eligibility, 381. — The problem of controlling the use of reserve bank credit, 383. — IV. The position of control, 386. — Open market operations, 387. — Control and the magnitude of member bank indebtedness, 393. — Rediscount rates, 394: — Rate structure in Great Britain and the United States and the significance of the buying rate, 396. — An ineffective discount policy, 399. — Direct methods, 399. — V. Conclusion, 406.

Suggested Citation

  • S. E. Harris, 1931. "The Federal Reserve Act and Federal Reserve Policies," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 45(3), pages 371-408.
    • Handle: RePEc:oup:qjecon:v:45:y:1931:i:3:p:371-408.
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