Month: September 2024

Categories
Exam Questions Harvard Methodology

Harvard. Semester Exams for Methods of Economic Investigation. Carver, 1907-1908

The following exam questions on Methods of Economic Investigation were for a course listed as primarily for graduate students, taught by Thomas Nixon Carver at Harvard, 1907-08. It is hard for me to imagine there was any period in the last 120 or so years when anyone might have been impressed by this shallow dive into questions of methodology. Am I missing something?

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Some biographical details
for Thomas N. Carver

https://www.irwincollier.com/harvard-course-readings-final-exams-and-enrollment-for-principles-of-sociology-carver-and-field-1904-1905/

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Exams from earlier years

1900-01
1901-02
1903-04
1904-05

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Course Enrollment
1907-08

Economics 13 hf. Professor Carver. — Methods of Economic Investigation

Total 3: 2 Graduates, 1 Divinity.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

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ECONOMICS 13
Mid-year examination, 1907-08

  1. How can the method of difference be applied to the determination of the shares in the distribution of wealth.
  2. What do you understand by the analytical method in economics? Give examples.
  3. Is the mathematical and diagrammatic method capable of being used in investigation, or it is only a method of exposition? Give reasons for your answer.
  4. Is there a noticeable tendency among certain writers to treat economics as though it were the science of surplus wealth, and among others to treat it as a science of human well-being? What is the real difference between the two points of view.
  5. How would you subdivide economics into departments; (a) if you were going to write a text-book; (b) if you were going to organize a department of economics in a university where you could have a teaching staff, say, of 8 specialists, and could get men who would fit into whatever special fields you might plan for them?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

ECONOMICS 13
Year-end examination, 1907-08

  1. To what extent is the question of method determined by the kind of information which the investigator is seeking? Illustrate.
  2. Is the question of method ever confused with the question of the source from which information must be gathered? Illustrate.
  3. Is the mathematical method a method of investigation or of exposition? Explain and illustrate.
  4. What quantitative concepts are, or should be, used when we speak of a quantity of land, of oats, of capital, of labor, of money?
  5. Describe and criticise three methods of ascertaining to what extent immigration, since 1820, has increased the population of the United States.
  6. Contrast three methods of ascertaining the causes of poverty.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09 (HUC 7000.25), pp. 36-37.

Image Source: Harvard football poster (1907) by F. Earl Christy. Library of Congress Prints and Photographs Division Washington, D.C.

 

 

Categories
Economic History Exam Questions Harvard

Harvard. Final exams for Modern Economic History of Europe. Gay, 1907-1908

Portrait of Jakob Fugger the Rich by Albrecht Dürer

 

Today’s artifact is a reminder of the importance of economic history in the economics curriculum throughout most of the twentieth century (and of course earlier). While it is by no means obvious that knowledge of the sort of stuff taught by Edwin F. Gay over one hundred years ago will help working economists develop and use the tools of modern economic analysis in their present day research, it should be rather obvious that the record of human experience is loaded with variation begging for understanding and explanation. It seems like an awful lot of evidence to ignore. So let us see what Edwin Gay’s students were expected to have learned about European economic history.

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Earlier, related posts

A brief course description for Economics 11 plus the exams from 1902-03.

Exams for 1903-04.

Exams for 1904-05.

Exams for 1905-06.

Exams for 1906-07.

A short bibliography for “serious students” of economic history assembled by Gay and published in 1910 has also been posted.

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Course Enrollment
1907-08

Economics 11. Professor Gay. — Modern Economic History of Europe.

Total 5: 3 Graduates, 1 Seniors, 1 Juniors.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

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ECONOMICS 11
Mid-year Examination, 1907-08

  1. Explain briefly:—
    1. the open field system.
    2. the manorial system.
    3. the town economy.
    4. Erbuntertänigkeit.
    5. lettre de maîtrise.
    6. the Steelyard.
  2. Serfdom.
    1. When and why did it disappear in England?
    2. When on the Continent?
    3. Can you account for the differences between England and the Continent in the manner and time of disappearance?
  3. The craft gild.
    1. What in general was its object and policy?
    2. What changes took place in its internal organization?
    3. What, during the sixteenth century, was the attitude toward it of the national government in England and France?
  4. The woollen industry in England to the end of the sixteenth century.

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Year 1907-08.

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ECONOMICS 11
Year-end Examination, 1907-08

  1. Criticise the following statement:—

“The two ways by which a villein or slave could always get free in England were, first, by owning land; and secondly, by joining the guild of a trade, in a town, and working at it for a year and a day. In a sense, therefore, labor is the source of freedom in England; for many millions more Englishmen got free through this door than by any other way.”

  1. (a) Who were the Fuggers? What type of company organization do they represent?
    (b) Compare the form of company organization in the following: Merchant Adventurers, the Commenda, English Levant Company, English and Dutch East India Companies prior to 1660.
  2. Describe the chief changes in taxation in England during the seventeenth century.
  3. (a) Define the domestic and factory systems.
    (b) Give in detail examples of three different forms of the domestic system.
  4. Summarize the history and results of wage regulation by public authority in England.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09 (HUC 7000.25), p. 35.

Image Source: Portrait of Jakob Fugger (1459-1525) by Albrecht Dürer, Public domain, via Wikimedia Commons.

Categories
Exam Questions Johns Hopkins Macroeconomics Money and Banking

Johns Hopkins. Final exam for monetary economics. Poole, 1968

The artifact chosen for this post is the final examination for William Poole’s monetary economics course at Johns Hopkins University in 1968. Not all artifacts at Economics in the Rear-view Mirror are long.

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William Poole’s Career

William Poole became the eleventh president of the Federal Reserve Bank of St. Louis on March 23, 1998, and retired March 31, 2008.

Poole was born in Wilmington, Delaware. He received a bachelor’s degree from Swarthmore College in 1959 and a master’s degree and a doctorate in economics from the University of Chicago in 1963 and 1966, respectively. Before joining the St. Louis Fed, Poole was Herbert H. Goldberger Professor of Economics at Brown University. He served on the Brown faculty from 1974 to 1998 and the faculty of Johns Hopkins University from 1963 to 1969. Between these two university positions, he was senior economist at the Board of Governors of the Federal Reserve System. He was also a member of the Council of Economic Advisers in the first Reagan administration from 1982 to 1985.

Poole has published numerous papers in professional journals and engaged in a wide range of professional activities. He has published two books: Money and the Economy: A Monetarist View in 1978 and Principles of Economics in 1991 (coauthored with J. Vernon Henderson). During his ten years at the St. Louis Fed, he delivered over 150 speeches on a wide variety of economic and finance topics.

In 1980 and 1981, Poole was a visiting economist at the Reserve Bank of Australia; in 1991, he was the Bank Mees and Hope Visiting Professor of Economics at Erasmus University in Rotterdam. He has served on various advisory boards of the Federal Reserve Banks of Boston and New York and the Congressional Budget Office. He is a senior fellow at the Cato Institute, distinguished scholar in residence at the University of Delaware, senior economic adviser to Merk Investments, and a special adviser to Market News International.

Swarthmore honored Poole with a doctor of laws degree in 1989. He was inducted into the Johns Hopkins Society of Scholars in 2005 and presented with the Adam Smith Award by the National Association for Business Economics in 2006. In 2007, the Global Interdependence Center presented him its Frederick Heldring Award.

Source: https://web.archive.org/web/20240607041405/https://www.federalreservehistory.org/people/william-poole

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Other relevant posts

Reading list for monetary economics, 1964 (JHU)

Modigliani and Poole’s MIT reading list, 1977 (MIT)

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The Johns Hopkins University
Political Economy 662
— Monetary Theory

W. Poole

Final Exam — 2 hours
May 27, 1968

Answer three of the four questions below.

  1. In principle It would be possible to “automate” monetary policy by deriving an optimal decision rule. Explain how such a rule might actually be determined, and what the difficulties of such an approach to monetary policy might be.
  2. Discuss the theory and the cyclical behavior of the term structure of interest rates. Is an understanding of this behavior likely to be of any value to the policy-maker?
  3. “It has been argued that lags in the demand for money function may off-set lags in the expenditure sector, thus leading to a rapid response of income to monetary policy actions. But this result depends on large interest rate fluctuations and such fluctuations are inconsistent with both the notion of a speculative demand for money and with the Meiselman learning model of the term structure of interest rates.” Discuss.
  4. “In a one-sector neoclassical growth model, money will affect the growth path provided that the money is outside money and that zero interest is paid on money balances. Therefore, a sensible growth policy is to prohibit payment of interest on demand deposits and to increase the rate of growth of the money stock.” Discuss.

Source: Johns Hopkins University. The Eisenhower Library, Ferdinand Hamburger, Jr. Archives. Department of Political Economy, Series 6, Box 3. Folder: “Graduate Exams, 1933-1965”.

Image Source: William Poole at the Federal Reserve Centennial, 2014.

Categories
Exam Questions Harvard Industrial Organization

Harvard. Final exam and enrollment. Economics of Corporations. Ripley and Daggett, 1907-1908

There was an old woman who lived in a shoe, / Whose progeny here are presented by Pughe. / She petted and pampered and coddled the brats, / And guarded her brood from the bad Democrats

Below you will find the final exam from the second half of William Z. Ripley’s sequence on organized labor and organized capital offered at Harvard in 1907-08. Economics 9b, Economics of Corporations, was devoted to the economics of corporations.

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Other Corporations/Industrial Organization Related Posts
for William Z. Ripley

Problems of Labor and Industrial Organization, 1902-1903.

Economics of Corporations, 1903-1904.

Economics of Corporations, 1904-05 (with Vanderveer Custis)

Economics of Corporations, 1906-07 (with Stuart Daggett]

Economics of Corporations, 1914-1915.

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Course Enrollment
1907-08

Economics 9b 2hf. Professor [William Zebina] Ripley, assisted by Dr. [Stuart] Daggett. — Economics of Corporations.

Total 115: 8 Graduates, 15 Seniors, 58 Juniors, 26 Sophomores, 3 Freshman, 5 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

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Course Readings

Cases for the course are most certainly found in Trusts, Pools and Corporations (1905), edited with an introduction by William Z. Ripley. From the series of Volumes Selections and Documents in Economics, edited by William Z. Ripley published by Ginn and Company, Boston.

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ECONOMICS 9b
Year-end Examination, 1907-08

  1. What are the three distinct aspects of the problem of price fixing under monopoly in the United States? Which is the most serious, and why?
  2. What did the “Tobacco Trust” do in England to gain control of the market? Describe the episode in detail.
  3. Was the Supreme Court decision in Hopkins v. United States favorable to the government or not? What was the point raised?
  4. State, in not over ten words in each case, the significant feature of the history of the following industrial combinations, viz:—
    1. The International Mercantile Marine Co.
    2. The Royal Baking Powder Co.
    3. The American Malting Co.
    4. The American Ice Co.
    5. The Asphalt Co. of America.
  5. A certain commodity is native in origin, heavy, low grade, cheap, a necessity of life; another is native in origin but not abundant enough for the domestic demand, readily transported, of high grade when finished, selling at a high price, and half a luxury. Which of the two could the more easily be “monopolized” by an industrial combination? If any important factor, in determining this likelihood, has been omitted in the above description, add it.
  6. How are corporations taxed in Massachusetts? What changes were made in the law of 1903, and with what effect?
  7. In the determination of net profits before declaration of dividends, what factors have to be considered? State briefly a case or two.
  8. State what seem to you basic propositions concerning the relation of the tariff to industrial combination; with illustrations if possible.
  9. What is the most important economy incident to production under monopoly of the market, as distinct from mere large-scale production.

Source: Harvard University Archives. Harvard University, Examination Papers, 1873-1915. Box 8, Bound vol. Examination Papers 1908-09 (HUC 7000.25), pp. 34-35.

Image Source: This illustration shows an old woman labeled “Monopoly Tariff” sitting next to an old shoe labeled “Special Privilege”, around which a number of children are playing; they all represent a “Trust” and are labeled “Tool, Steel, Copper, Lumber, Sugar, Rubber, Beef, Coal, Tobacco, Clothing, Watch, Leather, Paper, [and] Linen”. The centerfold from Puck (March 25, 1908) was by John S. Pughe. Image from the Library of Congress digital image collection.

 

 

Categories
Exam Questions Harvard Labor

Harvard. Exam for Problems of Labor. Ripley with Lauren Carroll assisting, 1907-08

 

Problems of labor constituted the first semester of William Zebina Ripley’s sequence on organized labor and capital. Trade unions were the focus of his labor course and corporations during the second semester.

His teaching assistant, Lauren Carroll, was a recent Harvard undergraduate who was to go on to Harvard Law School. A few details regarding Carroll’s life and subsequent career are included below.

The principal artifact for this post is the final examination for the course.

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Ripley’s teaching assistant:
Lauren Carroll

Lauren Carroll was appointed at the rank of assistant in economics. Boston Evening Transcript (Nov. 16, 1908), p. 12.

1886: born July 16 in Manhattan, New York City.
1906: A.B. Harvard College
1911: married Akrata von Schrader July 19.
1909: LL.B. Harvard Law School
1945: died in Poughkeepsie, N.Y.

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Self-Report for the 15th anniversary
of the Harvard Class of 1906

At the time of our Decennial I was practicing law in New York City as a member of the firm of Gould and Wilkie. I was also serving my second term as a member of the New York Board of Aldermen. A rather diverse number of businesses required my attention after the death of my father in December, 1916, and finally compelled me to resign from the Board of Aldermen in the Summer of 1917. I continued my activity in the Republican Organization, however, and later served two terms as president of my Assembly District Republican Club, which has a membership of 1500 men and women.
Soon after the United States entered the Great War, the work of organizing the sale of Liberty Bonds over the counters of retail stores throughout Greater New York fell to my lot because my law firm represented several of the large department stores. This took practically all of my time during the 1st and 2d Liberty Loans. In December, 1917 I made a trip through Michigan, Indiana, Wisconsin, Minnesota, Illinois, Iowa and the Dakotas, for the purpose of assisting in the formation of War Savings Stamp organizations in those states. From February until May, 1918 I worked in the Publicity Department of the New York Liberty Loan Committee. I had charge of outdoor advertising in our Federal Reserve District during the 3d Loan, and at the same time supervised the newspaper advertising of the Department Stores Committee.
After the 3d Loan I was appointed Executive Secretary of the Capital Issues Committee for the New York Federal Reserve District. During the next six months our committee passed on many hundred different security issues submitted to it by private and public corporations. The various issues of stocks and bonds considered by the committee in our district aggregated nearly two billion dollars in par value. The above work naturally took me entirely away from the practice of law, and when the Capital Issues Committee disbanded some six weeks after the Armistice, I decided to take advantage of an opportunity to continue in the financial world with Messrs. Brown Brothers & Co. The business of that banking firm has brought me to the city of Brussels on this glorious Sunday afternoon, which finds me writing a dull summary of the past when we might be sipping Porto Rouge on the boulevards.
Member: University Club; Union League Club; Harvard Club of New York; Bar Association of the city of New York; National Republican Club; Harvard Club of Boston.

Source: Harvard Class of 1906. Quindecennial Report (1921), p. 61.

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Obituary

Lauren Carroll, lawyer, businessman and civic leader of New York City, and the father of Miss Kyra Carroll, an official of the local Red Cross organization, died on Wednesday in a nursing home at Poughkeepsie, N. Y., after an eight-month illness. He was 58.
A strong advocate after World War I of American entry into the League of Nations, he had in recent years supported the idea of world cooperation. He served as chairman of the New York State Committee for World Federation and in 1943 presided at a “Win the Peace” rally at Carnegie Hall.
In addition to the foregoing, another daughter, Miss Rosemary Carroll, a member of the staff of the OWI in London, and his wife, Mrs. Akrata von S. Carroll, are surviving.
Funeral services were held yesterday in Fifth Avenue Presbyterian Church, New York.

Source: Press of Atlantic City, 31 March 1945, p. 2

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Problems of Labor:
previous semesters

1902-03
1903-04
1904-05
1905-06
1906-07

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Course Enrollment

Economics 9a 1hf. Professor Ripley, assisted by Mr. Carroll. — Problems of Labor.

Total 67: 5 Graduates, 24 Seniors, 24 Juniors, 12 Sophomores, 2 Others.

Source: Harvard University. Report of the President of Harvard College, 1907-1908, p. 67.

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ECONOMICS 9a
Mid-Year Examination, 1907-08

  1. What is the difference between a “jurisdiction” and a “demarcation” dispute? Illustrate.
  2. Does the New Zealand or the Victorian legislation interfere more with the personal freedom of the individual workman? State concisely in what respects this holds good.
  3. Based on Massachusetts’ experience, what compensation in respect of production is alleged to have followed the progressive shortening of the hours of labor? Are any unforeseen social results possible if this be continued?
  4. What are the main provisions of the Canadian Act of 1907 concerning trades disputes?
  5. What if any is a possible defect in it, as of any similar legislation? Has Australia any experience of value concerning this matter?
  6. What is Webb’s attitude toward Employers’ Liability Laws? Outline his main argument.
  7. Would Workmen’s Compensation Acts meet this argument or not?
  8. When was Government insurance adopted in Germany—approximately? What political objects were in view? Have these been realized?
  9. State in three distinct propositions, what in your own opinion, are the principal defects of American trades unionism of the present day. What remedy for each, if any, may be suggested?

Source: Harvard University Archives. Harvard University. Mid-year Examinations, 1852-1943. Box 8, Bound Volume: Examination Papers, Mid-Years 1907-08.

Image Source: Harvard University Archives.  William Zebina Ripley [photographic portrait, ca. 1910], J. E. Purdy & Co., J. E. P. & C. (1910). Colorized and noise reduction by Economics in the Rear-view Mirror.

Categories
Economics Programs M.I.T.

M.I.T. State of the Economics Department and Other Social Sciences. 1960-1961

Paul A. Samuelson, end of 1960 or early 1961, seen here reading between the lines.

 

As the following documents show, by 1961 the M.I.T. administration fully appreciated the development of its department of economics from a humble source of curricular enrichment for engineers and natural scientists to a powerhouse of modern economic analysis that was a respected player in the academic major league. Indeed the hope was for political science, psychology, and linguistics to follow suit. 

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Other relevant M.I.T. artifacts
from this time

Minutes of the Economics Department Visiting committee, 1958

The Graduate Program in Economics, 1961 brochure

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REPORT OF THE VISITING COMMITTEE 1960-61
DEPARTMENT OF ECONOMICS AND SOCIAL SCIENCE

                  In a well-attended, one-day meeting on April 27, 1961, the Visiting Committee of the Department of Economics and Social Science met with a representative group of the senior faculty of the department to discuss the progress of its teaching and research programs. Since the department embraces a number of distinct fields, key faculty members in those fields reported separately on their activities, plans, and problems. A summary of those reports is attached [Perhaps to be found elsewhere in the archives.], with an appended list of persons attending the meeting.

                  The Committee was favorably impressed by the past progress and the future prospects of the Social Sciences at M.I.T. The following highlights may be singled out for the consideration of the Corporation and the administrative officers:

  1. The older Ph.D. program in Economics and the newer one in Political Science are both thriving. Fellowships are a continuing need at the graduate level, especially in fields such as these in which there are limited opportunities for teaching or research assistantships in the first two years. Economics has attracted many students with outside fellowships for their first year, and Political Science has a Carnegie Foundation grant which provides support for graduate students in the area of political development. This leaves an unfilled need for Economics fellowships in the second year and for Political Science fellowships in areas not covered by the Carnegie grant.
  2. Now that the area of political development is as strong as it is, the Political Science Section’s next target is a comparable strength in the areas of government, science, and defense policy. This is an especially appropriate field for the Institute to cultivate, and it deserves support.
  3. The undergraduate “double majors” in a combination of Economics or Political Science with a field of Science or Engineering are holding their own, but the department feels considerable difficulty in dramatizing the attractions of these courses to entering undergraduates — in contrast to its outstanding success in attracting graduate students.
  4. An excellent start has been made toward the introduction of a new Ph.D. program in Psychology. The Institute already has considerable strength not only in that field but also in certain adjacent and supporting fields such as Biology, Mathematics, Linguistics, Communications, and Industrial Management. The next few years will be critical ones for this new graduate program.
  5. When the Ph.D. program in Psychology is solidly established, consideration should be given toward adding the option of Psychology as an undergraduate major within the framework of Course XIV.
  6. The Industrial Relations Section has been an active and constructive part of the department’s overall effort. We note with approval that preliminary steps have been taken to protect the Industrial Relations Fund against excessive drain in support of other departmental activities.
  7. We learn with interest that the department has been experimenting with lectures in the introductory Economics course, as a means of exposing more beginning students to senior faculty. We recommend that other teaching aids also be considered, such as video-recorded lectures and demonstrations.
  8. Since library facilities are so very important in the Social Sciences, continuing and enhanced support is recommended in this area.

                  The foregoing recommendations should be interpreted as tentative rather than definitive; for, in the nature of the case, your Committee’s visit consisted of a friendly hearing of the department’s point of view rather than a searching audit of its performance. At the same time, we should like to express our appreciation for the cooperation shown us by Dean Burchard, Professor Bishop, and the other department members who met with us.

Respectfully submitted,

James M. Barker
David F. Cavers
Jasper E. Crane
Davis R. Dewey
George P. Edmonds
Robert L. Moore
Willard L. Thorp
Teddy F. Walkowicz
Theodore V. Houser, Chairman

Source: M.I.T. Libraries. MIT. Corporation Visiting Committee Records, AC426. Folder: “Visiting Committees Economics 1960-1969”. Item description

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From the Annual Report of the President of M.I.T. for 1960-61

The Social Sciences

                  In the light of the concerns of the Centennial for the larger influences of science upon society, I think it appropriate to review this year the state of the social sciences at the Institute. That we should have become occupied with these areas was inevitable, and the Institute has a clear obligation to cultivate especially those that relate most directly to modern developments in engineering, science, and mathematics. M.I.T. has recognized this responsibility and has responded with strong and growing support to work in the social sciences in the School of Humanities and Social Science and elsewhere. These activities are giving to the Institute an entirely new dimension that few not associated intimately with M.I.T. yet appreciate.

                  It is a simple truth that the interests of the great physical and social sciences were never more interwoven than today. The overriding practical problems of our time — defense; disarmament; the economics of change; the politics of peace; the relationships among industry, science, and government — require joint technical and social analysis. The very progress of science is influenced by the broader social context, and the advances of engineering affect all our human institutions.

                  In our decision to encourage the growth of certain key social sciences at M.I.T., we determined not only to build on strength, but also to exploit particularly those that have special relevance to our central concerns with science and engineering. We hope to create more points of contact between the social and physical sciences and to foster more fruitful collaboration between them. In this way, in spite of enormous pressures for growth, we can delimit the domain of our interests and the way in which we allocate our resources to them.

                  We have given special attention to those fields in which mathematics and statistical techniques are playing an increasingly important role. This is, of course, completely compatible with our M.I.T. style, with our desire to be quantitative, the analytical, the mathematical. But by no means are we seeking to build our social sciences in the image of the physical. We recognize full well the many differences in set and attitude that distinguish them. An exaggerated insistence on emphases that are too narrow or criteria that are too rigid will only defeat our long-range objective of making the social sciences an integral part of the modern scientific university. Each field must be free to develop in its own way, to follow with complete freedom its own professional instincts.

                  From this point of view, the flowering of the social sciences at M.I.T. represents a new experience for us. Accustomed as we are to the demonstrable factual data of the physical sciences, we must accept the larger subjective element of judgment that enters into the social sciences in their present state. Since developments in many of these areas are open to a variety of interpretations, we must foster, within the limits of our aims and resources, a range of views and interests. The ultimate safeguard, however, lies not in seeking an impossible balance among modes of thought, but in recruiting a faculty of the highest intellectual power and integrity. This we have done.

                  In my report of a year ago I touched on a faculty survey of the social sciences which gave highest priority for development to fields of economics and economic history, political science, and psychology. I want now to comment briefly on the current status of these fields at the Institute and to examine in passing our commitments and our hopes in these areas.

ECONOMICS

                  The oldest social science at M.I.T., economics is still by a sizable margin the largest. The teaching of economics goes back to 1881 and Francis Amasa Walker. General Walker, the Institute’s third president and one of its great builders, was an authority on political economy — as economics was then called — and his understanding of the processes in American industrial development notably influenced his views on the education of engineers. He gave an outstanding lecture course on political economy and was the author of a distinguished text in the field. He also brought other economists to the Institute.

                  Yet, until well into the modern era of M.I.T., economics remained largely a service department for the School of Engineering. Only since World War II has the department matured and assumed a truly professional character. Today it is universally conceded to be among the most distinguished. Indeed, by any of the usual measures — the stature of its teachers, the quality of its research, the achievements of its graduates — it ranks in the small handful of leaders. This year the president of the American Economic Association and the presidents-elect of the Econometric Society and of the Industrial Relations Research Association are members of this department. This year, too, M.I.T. was selected as first choice by more Woodrow Wilson Fellows in economics — eighteen out of eighty — than any other school in the country. The strengths which have won this kind of recognition within the profession are substantial indeed. They were achieved, essentially, by encouraging Economics at M.I.T. to chart its own professional course; by the development of a distinguished graduate curriculum and of a major research program; and by insistence on the same standards of excellence we demand of our scientific and engineering departments. As a consequence, we have accomplished in economics the same kind of comprehensive renovation of purpose that Karl Compton undertook at an earlier date for the School of Science.

                  Economics at M.I.T. is also an important resource for other areas of teaching and research, and for the School of Industrial Management in particular. Management education at M.I.T. grew out of our teaching in economics, and today the teaching and research of the Department and the School reinforce one another more strongly than ever. Much of the research of the Department bears directly on the interests of the School — research on the economics of particular technologies; on the problems of measurement of productivity and output; on the contribution of technical progress to economic growth; on the origin and growth of new enterprises. Through this close relationship between the Department and the School, we also enjoy a fruitful interchange of theoretical and practical points of view.

                  The history and current role of economics at M.I.T. is the model for our development of other social sciences. We have now established sections of political science and of psychology within the Department of Economics and Social Science. Both are fields in which student and faculty interest is keen and in which we have unusual opportunities to make important contributions.

POLITICAL SCIENCE

                  Because of the interweaving of technology with all the affairs of the modern world, and especially with those of government, we have set high priority on the development of political science. It is an area in which we have been moving rapidly ahead. This June we awarded our first Ph.D. degrees in this field, and there are now about thirty doctoral candidates within the Section. In addition, some five hundred undergraduates take elective courses in political science each year.

                  The Section now offers courses in six fields of political science, all of which are related to other interests of the Institute: international relations and foreign policy, political communication, defense policy, government and science, political and economic development, and political theory and comparative politics. Besides providing opportunities for combining work in political science with a scientific or engineering field, the faculty of the Section maintain close ties with their colleagues in economics, psychology, industrial management, and city and regional planning.

                  In the past two years, we have developed superlative strength in the field of comparative politics of developing areas, and through the association of the Section with the Center for International Studies we probably have as strong a faculty as is to be found anywhere in the politics of development. In support of this work, the Institute received two notable gifts this year. One, the donation of $500,000 from Dr. Arthur W. Sloan and Dr. Ruth C. Sloan of Washington, D.C., establishes a professorship in political science with emphasis on African studies. Not only does this gift provide an important new endowed professorship, but it also recognizes in a most dramatic way the growing stature of political science at the Institute.

                  The second grant is one of $475,000 from the Carnegie Corporation for research in training on the politics of transitional societies. The grant will make possible expansion of our research on the problems of nation-building in transition countries such as the newly emerged African and Asian nations. It, too, gives substantial recognition to the quality of our program. The Carnegie grant, among other benefits, establishes graduate fellowships both for course work at M.I.T. and for field work towards the doctoral thesis. We are enthusiastic about the values to be derived from this aspect of the grant which will permit us to send our students overseas for on-the-spot research in developing areas.

                  We have enjoyed magnificent opportunities for field studies in other areas of our political science activities through the generous support of the Maurice and Laura Falk Foundation, the Ford Foundation, and the Rockefeller Foundation. The Ford Foundation has also underwritten much of our work on government and science, and the Rockefeller Foundation this year supported a new seminar on arms control. This seminar brought together some thirty individuals in the Cambridge academic community with strong interests in both the technological and political aspects of this subject. We very much hope that this may prove to be the beginning of a substantial new research program on defense policy.

                  This brief sampling of our progress in political science is intended only to suggest the vitality of this field at the Institute. It has grown quickly, but without overstretching itself. It has set high standards in research, and it has developed both its undergraduate and graduate courses in a most creative and constructive spirit. This new venture for M.I.T., in sum, has met with outstanding success.

PSYCHOLOGY

                  The example of political science has encouraged us to press forward even more vigorously with our plans to establish a psychology section within the Department of Economics and Social Science. The Institute already has great strength in psychology, both within the Department and elsewhere; and we have made marked progress this year in planning for a graduate program. This effort is being led by Professor Hans-Lukas Teuber, whose appointment I reported last year and who has now moved his research projects in physiological psychology from New York to Cambridge. Professor Teuber has brought with him a number of research associates and four postdoctoral fellows. In addition, we hope to make two additional faculty appointments in psychology soon.

                  To provide space for the new Section, the Institute has acquired the Central Scientific Company building at the corner of Amherst and Ames Streets. All three floors of this structure, which is located adjacent to our main academic group, will be devoted to an expansion of our teaching and research in psychology. When the necessary renovations are completed during the coming year, the building will be equipped with undergraduate and graduate laboratories, seminar rooms, animal quarters, and testing, observation, and office facilities.

                  The work of the Psychology Section will encompass three general areas: social and developmental; experimental; and physiological and comparative psychology. Our teaching in all three areas will put special emphasis on the experimental and the mathematical. And in our research we hope to create new opportunities for interdisciplinary cooperation. This hope reflects the fact that psychology, especially in its quantitative aspects, is already intimately associated with many areas of Institute activity.

                  The relations of our experimental group with other M.I.T. activities, for example, have already had an important influence on the development of experimental psychology in this country. Our collaborative efforts include studies in such fields as communication and coding theory, automatic pattern recognition, signal detection theory, computer simulation of intelligent behavior, and others. There are many psychologists at the Institute concentrating on problems of this kind, and there are more at Lincoln Laboratory who are also concerned with problems of perception and observation and man-machine interactions.

                  The new Section’s work in physiological and comparative psychology will have similar opportunities for collaboration with research in progress in the Department of Biology and in the Center for the Communication Sciences, where investigations in communication biophysics are focused on the principles of organization of the central nervous system and on biophysical information handling. There are also a number of psychologists in the School of Industrial Management, and it is to be hoped that the work of the Section in social and developmental psychology will develop complementary ties with this management group. The latter is working on problems of morale and motivation, of executive leadership, and of creativity in the industrial setting; while the former is primarily concerned with the process of socialization.

                  Even a cursory review of the sites of interest in psychology at M.I.T. is impressive. The discipline has prospered on this campus, even though we have taken few systematic steps in the past to promote its growth. It has insisted upon recognition, really, and we are now committed to a sound program of development. No one here doubts the wisdom of this decision. The chief problem, indeed, will be to achieve a sense of professional unity among our psychologists without weakening those productive interdisciplinary ties that have given M.I.T. psychology a stamp and style that is all but unique.

LINGUISTICS

                  The decision was also made this year to offer a program leading to the Ph.D. in linguistics beginning in the fall of 1961, and we are in the process of establishing appropriate new sequences of work in linguistics for both undergraduate and graduate students. This work will be directed by the Department of Modern Languages, which has been carrying out important basic research in linguistics for a number of years. It is significant that among the first students we have accepted for this graduate program are majors in mathematics and physics as well as in linguistics.

                  Our concern with linguistics actually derives from the efforts of Professors Norbert Wiener and Claude Shannon in their pioneering work on the mathematical theory of communication. The study of the logical relationships within languages employs mathematical techniques comparable to those used in the general area of information theory. Moreover, recent developments in computer design, switching theory, and other similar areas are of first importance in the field of applied linguistics and in linguistic analysis.

                  It is not surprising, therefore, that much of our research in linguistics has taken place in the Center for the Communication Sciences, where linguists work in close association with mathematicians, electrical engineers, and physicists as well as with biologists and psychologists. This cooperative research has been carried forward in both theoretical and applied linguistics. We have a central concern with the structure and logic of language. We have also undertaken a number of promising applied projects, including work on mechanical translation and on machine perception and synthesis of human speech. These examples are typical of the kind of research through which M.I.T. has gained an international reputation in linguistics. Now, with our new doctoral program, the prospects for the rapid further development of this field at the Institute are exceedingly bright.

Source: Massachusetts Institute of Technology. Office of the President. President’s Report for the academic year ending July 1, 1961, pp.11-21.

Image Source: MIT Museum Website.

Categories
Business Cycles Exam Questions Harvard Money and Banking Syllabus

Harvard. Exams and assigned reading for money, banking, commercial crises. Williams and Harris, 1938-1939

 

In the previous post, Economics 41, 938-39 (Paper topics), historians of modern economics will find a transcription of 31 typed pages of paper topics with suggested references for the Harvard undergraduate course “Money, Banking and Commercial Crises” taught by Professor John H. Williams and Associate Professor Seymour E. Harris in 1938-39.

Today’s post adds enrollment figures, course reading assignments (when found) and the final exams for that course.

_________________________

Course Material from a Few Other Years

1937-38
1940-41
1941-42

_________________________

Course Announcement

Economics 41. Money, Banking, and Commercial Crises

Mon., Wed., and (at the pleasure of the instructor) Fri., at 2. Professor Williams and Associate Professor Harris

Source: Harvard University Faculty of Arts and Sciences. Announcement of the Courses of Instruction during 1938-39 (second edition), p. 148.

_________________________

Course Enrollment

[Economics] 41. Professor Williams and Associate Professor Harris. — Money, Banking, and Commercial Crises.

Total 181: 1 Graduate, 37 Seniors, 106 Juniors, 32 Sophomores, 1 Freshman, 4 Others.

Source: Harvard University. Annual Report of the President of Harvard College, 1938-39, p. 98.

_________________________

First Term Reading List
[Note: First term reading list is identical to that for 1937-38]

ECONOMICS 41
Readings: First Term

  1. The Nature and Functions of Banking
    1. Dunbar, “Theory and History of Banking”, Chs. 1, 2, 3, 4, pp. 1-60
    2. White, “Money and Banking”, Ch. 16, pp. 349-372
  2. The Creation of Deposits
    1. Phillips, “Bank Credit”, Ch. 3, pp. 32-77
    2. Currie, “Supply and Control of Money in the U.S.” Chs. 5, 6, 7, pp. 46-63.
  3.  Note Issue
    1.  Dunbar, “Theory and History of Banking”, Ch. 5, pp. 60-81
    2. Currie, “Supply and Control”, Ch. 10, pp. 110-115
  1. Commercial Loan Theory
    1. Robertson, “Money”, Ch. 5, рр. 92-117
    2. Currie, “Supply and Control”, Ch. 4, pp. 34-46
  2. U.S. Banking History
    1. White, “Money and Banking”, Chs. 18, 19, 20, 21, 22, 23, pp. 387-529
  3. The Federal Reserve System
    1. Dunbar, “Theory and History”, Ch. 6, pp. 81-110
    2. Burgess, “Federal Reserve Banks and the Money Market”, pp. 1-327
    3. Federal Reserve Bulletin, July, 1935: “Supply and Use of Member Bank Reserve Funds”, pp. 419-428
    4. Currie, “Supply and Control”, etc., Chs. 8, 9, pp. 83-110
    5. Hardy, “Credit Policies of the Federal Reserve System”, Chs. 3, 4, 5, 6, 7, 8, 9, 10, 11, рр. 34-243
  4.  Recent Banking Changes
    1. White, “Banking”, Chs. 29, 30, pp. 670-738.
  5. Foreign Banking Systems
    1. Dunbar, “Theory and History”, Chs, 8, 9, 10, pp. 139-235
Reading Period
January 5-18, 1939

Economics 41: Read one of the following:

Hardy, Federal Reserve Policy.
Hawtrey, Art of Central Banking, pp. 116-303.
Keynes, Treatise on Money, Vol. II, Book VII.

Reading Period
May 8-31, 1939

Economics 41: Read one of the following:

  1. a. Robertson and Pigou, Economic Essays and Addresses, pp. 95-138.
    b. Robertson, Banking Policy and Price Level.
  2. Durbin, Problems of Credit Policy.
  3. Keynes, Tract on Monetary Reform.
  4. Keynes, Treatise on Money, Ch. 30 and Book VII.
  5. Committee on Finance and Industry (Macmillan Report), Report and Addenda 1 and 3.
  6. Wicksell, Interest and Prices.
  7. Hawtrey, Capital and Employment, Chs. 7-11 inclusive.
  8. Harrod, Trade Cycle.
  9. Marget, Theory of Prices, Chs. XI-XVI.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003.Box 2, Folder “Economics 1938-1939”.

_________________________

1938-39
HARVARD UNIVERSITY
ECONOMICS 41
Money and Banking
[Mid-Year Examination]

  1. (One hour.) The Supply and Use of Member Bank Reserve Funds.
(In millions of dollars)
From June 1927
to Dec. 1927		 From Dec. 1927
to June 1928
Bills discounted +132 +423
Bills bought +170 –163
U.S. Government securities +227 –391
Other Reserve Bank credit –11 –14
Monetary gold stock –204 –282
Treasury currency +3 +1
Money in circulation +238 –345
Treasury cash and deposits with Federal Reserve banks –12 –14
Non-member deposits –6 +1
Other Federal Reserve accounts +6 +21
Member Bank reserve balances +91 –89

(a) What is the meaning of each of the above items?

(b) Present, in the form of a balance, a statement indicating the effects of changes in the above items on member bank reserve balances for each of the two periods.

(c) What conclusions do you draw regarding (1) the condition of the money market, (2) member bank policy, (3) Federal Reserve policy?

  1. Write on one of the following questions.

(a) What is the “Commercial Loan Theory” of bank assets? Would banking policy, based on this theory, provide the right quality of bank assets? the right quantity of money?

(b) Discuss the functions of reserves in a modern banking system, distinguishing the case of member banks from that of central banks, and give your views on the various solutions that have been proposed for the reserve problem.

(c) What are the attributes of a good bank note? Give your critical opinion of the following: the national bank note, the Bank of England note, the Bank of France note, the Federal Reserve note.

  1. Trace

(a) the evolution of Federal Reserve objectives since the establishment of the system and indicate to what extent you think these objectives have been attained;

or

(b) the development of instruments of control of the Federal Reserve system, and evaluate their effectiveness.

  1. Discuss the banking weaknesses in the U.S. revealed by crises in the period (a) before the war, or (b) after the war.
  2. Write on one of the following: (Reading period.)

(a) Keynes: Compare the effectiveness of central bank control over the supply of money in England and the U.S.

(b) Hardy: Discuss Federal Reserve policy and speculation, 1927 to 1929.

(c) Hawtrey: Using historical illustrations, discuss the effect of the experience of the Bank of England on current central bank theory and practice.

Source: Harvard University Archives. Harvard University, Mid-year Examinations 1852-1943. Box 12.  Papers Printed for Mid-Year Examinations [in] History, History of Religions, … , Government, Economics, … , Naval Science (January-February, 1939) in the bound volume Mid-Year Examinations—1939.

1938-39
HARVARD UNIVERSITY
ECONOMICS 41
[Year-end Examination]

Answer Question 1 and two others.

  1. Reading Period
    Present and comment upon the views expressed in the reading period assignment on the relation between (a) money and prices or (b) money and economic fluctuations.
  2. Monetary authorities try increasingly to influence the rate of interest. Are they likely to be reasonably successful? If they are successful in controlling the rate of interest, are they likely to attain what you consider the proper objectives of monetary policy?
  3. Answer (a) or (b).
    1. Is it your view that the recent breakdown of the gold standard is to be explained by poor management or by fundamental economic factors?
    2. What advantages over the gold standard has a system of free or variable exchanges?
  4. Discuss one of the following:
    1. Under-consumption theories of the trade cycle
    2. Investment theories of the trade cycle
    3. Monetary theories of the trade cycle
  5. Compare the treatment of velocity in the Fisher and the Cambridge versions of the quantity theory.
  6. “Nowhere do conservative notions consider themselves more in place than in currency; yet nowhere is the need of innovation more urgent.” Discuss.

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001. Box 4: Papers Printed for Final Examinations [in] History, History of Religions, … , Government, Economics, … , Naval Science (June, 1939).

Image Source: 1935 one U.S. dollar silver certificates.  From the United States Paper Money Currency webpage at the U.S. Paper Money website.

Categories
Business Cycles Harvard Macroeconomics Money and Banking Paper Topics Suggested Reading

Harvard. Suggested paper topics and references for money and banking. Williams and Harris, 1938-1939

Economics in the Rear-view Mirror is extremely proud to provide a comprehensive, granular set of references suggested for 137 possible topics for papers to be written in the undergraduate course “Money, Banking, and Commercial Crises” jointly taught by Professor John Henry Williams and Associate Professor Seymour Edwin Harris during the 1938-39 academic year at Harvard College. We have before us the vista of the breaking dawn of Keynesian macroeconomics as experienced by Harvard undergraduates(!).

Warning: I have encountered numerous misprints and I have corrected/edited when noticed. I have tried to transcribe accurately but the devil of typos is unlikely to be contained over 30 pages. Nonetheless I believe the value of the material transcribed below is hardly diminished by cooking and serving this document on the rare side. Certain items are included in many topics, giving an indication of their scope but also an indication of their importance in the eyes of the instructors.

_________________________

Course Material from the Other Years

1937-38
1940-41
1941-42

_________________________

Source: Harvard University Archives.

_________________________

Suggested Topics for Theses
in Economics 41
1938-39

I. COMMERCIAL BANKING AND THE MONEY MARKET [General References]

  1. Creation of Bank Deposits
  2. Growth of Bank Deposits since the War
  3. Guarantee of Bank Deposits
  4. Principles of Bank Note Regulation
  5. Role of Bank Notes in the U.S.
  6. Systems of Note Issue
  7. Velocity of Circulation
  8. Bank Assets from a Banker’s Viewpoint
  9. Bank Expenses
  10. Bank Failures
  11. Excess Reserves
  12. Member Bank Reserve Requirements
  13. 100% Reserve Plan
  14. The Banking Principle vs. the Currency Principle
  15. Competition of State and National Banks
  16. New York as International Financial Center
  17. Money Market in some one Year
  18. American Discount Market
  19. Agricultural Credit
  20. Eligible Paper
  21. Brokers’ Loans
  22. Collateral Loans vs. One Name Paper
  23. Interrelation of Rates of Interest
  24. Causes of Stock Market Crash
  25. Causes and Results of Bank Holiday
  26. Causes of Decline of Commercial Loans
  27. Banks and the Public Debt
  28. Federal Credit Agencies
  29. Bank Reform
  30. Nationalization of Banking
  31. Branch and Chain Banking
  32. Branch Banking in Britain
  33. Branch Banking in Canada
  34. Branch Banking in Russia
  35. Cunliffe Report on British Currency
  36. Monetary Developments in Some Countries Since the War

II. CENTRAL BANKING [General References]

  1. Development of Central Banking Functions
  2. Organization of Federal Reserve System
  3. Bank Act of 1933
  4. Bank Act of 1935
  5. Review of Federal Reserve Policy for Some Period
  6. Open Market Operations
  7. Varying Reserve Requirements
  8. Acceptance Market and the Federal Reserve System
  9. Industrial Advances of the Federal Reserve Banks
  10. Criteria of Monetary Policy
  11. Criteria of Federal Reserve Policy
  12. Neutral Money
  13. Price Stabilization: The Strong Bills
  14. Price vs. Economic Stabilization
  15. Qualitative vs. Quantitative Credit Control
  16. Central Bank Policy and Speculation
  17. Central Bank Policy and Agriculture
  18. Fiscal Function of Federal Reserve Board
  19. Bank Correspondent Relationship under Federal Reserve System
  20. Effectiveness of Central Bank Control
  21. Treasury Control of Monetary Policy
  22. Bank of England and London Money Market
  23. Central Banking in France
  24. Central Banking in Canada
  25. Cooperation of Central Banks

III. THE BUSINESS CYCLE — Analysis and Policy [General References]

  1. Causes of the Depression
  2. Critical Discussion of One Theory of the Business Cycle: Pigou / Robertson / Keynes / Hayek / Hawtrey / Mitchell
    Foster and Catchings / Schumpeter / Harrod
  3. Monetary Theory of the Trade Cycle
  4. Review of Warren and Person: Prices
  5. Period of Production and the Trade Cycle
  6. Review of Hayek: Prices and Production
  7. Theory of Forced Savings
  8. Theory of Bank Rates
  9. Installment Selling and the Business Cycle
  10. Underconsumption Theory of the Trade Cycle
  11. The Dilemma of Thrift
  12. Major Douglas’ Social Credit
  13. Fisher’s Compensated Dollar (Commodity Dollar)
  14. 100% Reserve Plan
  15. Public Expenditure and Prices
  16. The Theory of Public Works
  17. The Multiplier

78a Durable Consumer Goods and the Business Cycle
79b Construction and the Business Cycle
78c The Acceleration Principle
78d The Theory of the Long Waves

IV. MONETARY THEORY [General References]

  1. English Monetary Theory during the Napoleonic Wars
  2. Nominalistic vs. Metallistic Conception of Money
  3. Transaction vs. Cash Balances Approach to the Quantity Theory of Money
  4. Keynes’ Theory of Money
  5. Marshall as a Monetary Theorist
  6. Cannan as a Monetary Theorist
  7. Robertson’s Theory of Money
  8. Hawtrey’s Theory of Money
  9. Knapp’s Theory of Money
  10. Fisher’s Theory of Money
  11. Nature of Credit

V. INTERNATIONAL MONETARY RELATIONS AND POLICY [General References]

  1. Pre-War and Post-War Gold Standards
  2. Great Britain’s Return to the Gold Standard in 1925
  3. Stabilization of the Lira
  4. France and the Gold Standard
  5. The Gold Bloc
  6. Causes and Consequences of England’s Departure from Gold
  7. Methods of Return to the Gold Standard
  8. Present Outlook for the Gold Standard
  9. Gold Exchange Standard
  10. Gold Movements since the War
  11. Gold Distribution and the Depression
  12. Is there a Gold Shortage?
  13. Methods to economize Gold
  14. Exchange Depreciation and World Recovery
  15. Exchange Depreciation Experience of Japan
  16. Exchange Depreciation Experience of Sweden
  17. Exchange Depreciation Experience of Britain
  18. Exchange Depreciation Experience of Australia
  19. Exchange Depreciation Experience of U.S.
  20. Exchange Central
  21. Sterling-Dollar-Franc Triangle
  22. The “Gentlemen’s Agreement”
  23. British Equalization Fund
  24. Gold Buying Policy and Devaluation
  25. Recent Silver Policy of the United States
  26. Monetary Consequences of the Fall in the Price of Silver
  27. Flexible Parities
  28. Hot Money
  29. Exchange Rates Under Incontrovertible Paper
  30. Purchasing Power Parity vs. Balance of Payment Theory of the Determination of Exchange Rates
  31. International vs. National Objectives of Monetary Policy
  32. Measures of Over-valuation
  33. The International Transfer of Purchasing Power
  34. The Forward Exchange Market
  35. Spreading the Gold Points and Short Term Capital Movements
  36. American Export of Capital since the War
  37. International Short Term Balances and the Depression
  38. Tariff Policy and the Depression
  39. Bank of International Settlement

VI. MISCELLANEOUS [No General References]

  1. War Finance
  2. The Reparations Controversy
  3. War Debts
  4. Fall of Prices: 1873-96
  5. Rise of Prices: 1896-1913
  6. Price Movement since the War
  7. Probable Future Trend of Prices
  8. Changes in the Value of Money and the Distribution of Wealth
  9. Monetary and Financial Questions Raised by the Social Security Program

*  *  *  *  *  *  *  *  *  *  *  *  *  *  *

SUGGESTED TOPICS AND BIBLIOGRAPHY
FOR COURSE THESES
IN ECONOMICS 41

I. COMMERCIAL BANKING AND THE MONEY MARKET

General References [Return]

Allen, A. M., et al. – Commercial Banking Legislation and Control

Westerfield, R. B. – Money, Credit and Banking

Thomas, R. G. – Modern Banking

Willis, H.P. and Chapman, J.M. – the Banking Situation: American Post-War Problems

Willis, H.P., Chapman, J.M., and Robey, R.W. – Contemporary Banking

Bogin, J.I., Foster, M.B., Nadler, M. – Money and Banking

  1. Creation of Bank Deposits [Return]

Phillips, C.A. – Bank Credit

  1. Growth of Bank Deposits since the War [Return]

Mills, F. C. – Economic Tendencies

– Memoranda on Commercial Banks

– Annual Publications

Goldschmidt, R.W. – The Changing Structure of American Banking

Phillips, C.A., McManus, T.F., – Banking and the Business Cycle

Currie, L. – The Economic Distribution of Demand Deposits – Journ. Amer. Stat. Assn., June 1938

Hartzel, E. – Time Deposits – Harvard Bus. Rev., October 1934

  1. Guarantee of Bank Deposits [Return]

Robb, T. B. – Guarantee of Bank Deposits (1921)

Blocker, J.G. – Guarantee of State Bank Deposits – Univ. of Kansas, Bur. of Bus. Research, Bull. 11, July 1929.

Emerson, Guy – Guarantee of Deposits under Banking Act of 1933, Quart. Journ. Econ., Feb. 1934

Association of Reserve City Bankers – Guarantee of Bank Deposits, 1933

American Banker’s Assn. – Economic Policy Committee – Guarantee or Bank Deposits 1933

Federal Reserve Bulletin – Oct., 1933

Business Week – April 1933

Bankers Magazine – June 1933

Hodgson, J. G. – Federal Control of Banking

Faust, M. L. – The Security of Public Deposits

Crowley, L. T. – Has Federal Deposit Insurance Strengthened the Banking System? – Banker’s Mag., Jan. 1938

Wilcox, V. – Vast Powers of the FDIC – Annalist Nov. 8,1935

Bradford, F. A. – Angell, The Behavior of Money, Quart. Journ. Econ., Feb. 1937

FDIC – Federal Reserve Bulletin – Oct., 1936

Woolsey, J. B. – The Permanent Plan for the Insurance of Bank Deposits, South. Econ. Jour. Apr. 1936

Fox, M.J. – Deposit Insurance as an Influence for Stabilizing the Banking Structure – Jour. Amer. Stat. Assn., Mar. 1936

Hoffman, C. W. – Federal Insurance of Deposits: The New Law and How it Works – Jour. of Ann. Ins. Assn., Nov. 1934

Kimmel, L.H. – Federal Deposit Insurance – Conf. Board Bull, July 10, 1934

Smith, A. A. – Guaranty of Bank Deposits – Social Science Quarterly, July 1934

Toggert, J.H. and Jennings, L.D. – The Insurance of Bank Deposits – Jour. Pol. Econ. August 1934

Emerson, G.– Guaranty of Deposits Under the Banking Act of 1933 – Quart. Journl. Econ., Feb.1934

  1. Principles of Bank Note Regulation [Return]

Simmons, E.C. – The Concept of Lawful Money – Journ. Pol. Econ. Feb. 1938

  1. Role of Bank Notes in the U. S. [Return]

Steiner, W. H. – Money and Banking

Conant, C. A. – History of Modern Banks of Issue

Dunbar, C. F. – History of National Bank Currency

Folwell, W.W. – Evolution of Paper Money in U.S.

Hepburn, A. B. – History of Currency in U.S.

Rawie, H. L. – Fed. Res. Notes

Sumner, A. B. – History of American Currency

Simmons, E. C. – Elasticity of Fed. Res. Note – Amer. Econ. Rev., Dec. 1936

Simmons, E. C. – The Concept of Lawful Money – Jour. Pol. Econ. Feb. 1938

Brinton, C. – History of Paper Money to the War – Journ. of Modern History, Sept. 1934

  1. Systems of Note Issue [Return]

Simmons, E.C. – The Concept of Lawful Money – Journ. Pol.Econ. Feb. 1938

  1. Velocity of Circulation [Return]

Steinar, W. H. – Money and Banking

Keynes, J.M – Treatise on Money

Hawtrey, R. G. – Art of Central Banking

Hawtrey, R. G. – Currency and Credit

Anderson, – Value of Money

Laughlin, J. L. – Principles of Money

Fisher, I. – Purchasing Power of Money

Robertson, D. H. – Money

Foster, W.F. and Catchings, W., – Money

Foster, W.F. and Catchings, W., – Profits

Marshall, A. – Money, Credit and Commerce

Burgess, W. R. – Jour. Am. Statis. Ass., Vol. 18, #2

Lounsbery, A. W. – Quart. Jour. Econ., Nov. 1931

Lounsbery, A. W. – Quart. Jour. Econ., May 1933

Marget, A. W. – Jour. Pol. Econ., June and Aug. 1932

Marget, A. W. – Quart. Jour. Econ., Nov. 1932

Marget, A. W. – Theory of Prices

Marget, A. W. – The Velocity of Circulation – Quart. Journ. Econ. May 1934

Working, H. – Quart. Jour. Econ., 1923

Ellis, H. S. – German Monetary Theory

Ellis, H. S. – Some Fundamentals in the Theory of Velocity – Quart. Jour. Econ., May 1938

Dahlberg, Arthur – When Capital Goes on Strike: How to Speed up Spending

Angell, J. W. – The Behavior of Money

Angell, J. W. – Components of the Circular Velocity of Money, Quart. Journ. Econ., Feb. 1937

Bradford, F. A. – Angell, The Behavior of Money – Quart. Jour. Econ., Feb. 1937

King, W. I. – Recent Monetary Experiments and Their Effect on the Theory of Money and Prices – Jour. Amer. Stat. Assn., Aug. 1935

Gilbert, J. C. – A Note in Banking Policy and the Income-Velocity of Circulation of Money – Economica, May 1934

  1. Bank Assets from a Banker’s Viewpoint [Return]

Natl. Indus. Conf. Board – Banking Situation in the U.S.

Mitchell, W. F. – Uses of Bank Funds

Ostrolenk, B. and Massie – How Banks Buy Bonds

Atkins, P. M. – Banks’ Secondary Reserves and Investment Policies

Bradford, F. A. – Banking

Moulton, H. G. – Financial Organization of Society

Langston and Whitney – Banking Practice

Goldschmidt, R. W. – The Changing Structure of American Banking

Foulke, R. A. – Commercial Paper in the Banking System – Banking, Feb. 1935

Carson, W. J. – Trends of Principal Earning Assets – Amer. Stat. Assn., June 1938

  1. Bank Expenses [Return]

Bradford, F. A. – Banking

Fed. Res. Bank – Annual Reports

Secrist, H. – Banking Ratios

Powlison, K. – Profits of Natl. Banks

Natl. Indus. Conf. Board – Banking Situation in the U.S.

Stark, W. L. – Bank Expenses

Thompson, D. S. – Trends of Bank Earnings and Expenses – Am Stat. Assn., June 1938

  1. Bank Failures [Return]

Steiner, W. H. – Money and Banking

Spahr, W. – Bank Failures in U.S.– Am. Econ. Rev. Suppl. 1932

Tebbutt, A. R. – Bank Failures in Natl. Banking System

Annals of Amer. Acad. Pol. and Soc. Science – Jan. 1933 – Bank Failures

Industrial Arts Index, 1935 and 1934

Goldschmidt, R. M. – The Changing Structure of American Banking

Anderson, T. J. – Federal and State Control of Banking

  1. Excess Reserves [Return]

Edie, L. D. – Easy Money

Guaranty Survey, Jan. 1936 – Problem of Excess Reserves and Business Recovery

  1. Member Bank Reserve Requirements [Return]

Report of Committee on Bank Reserves of Fed. Res. System

Currie, L. B. – Supply and Control of Money

Rodkey, R. G. – Legal Reserves in American Banking – Michigan Bus. Studies, Vol. VI, No. 5

Watkins, L. L. – The Variable Reserve Ratio – Journ. Pol. Econ., June 1936

  1. 100% Reserve Plan [Return]

Fisher, I. – 100% Money

Fisher, I. – 100% Money and Branch Banking – Northwestern Banker, March 1937

Fisher, I. – The Banker’s Interest in 100% Money – Banker’s Mag., Oct. 1936

Fisher, I. – 100% Money and the Public Debt – Econ. Forum, Apr., June, 1936

Robinson, G. B. – 100% Bank Reserves – Harv. Bus. Rev. Summer 1937

Neuman, A. M. – 100% Money – Manchester School, Vol. VIII, No. 1, 1937

Angell, J. W. – The 100% Reserve Plan – Quart. Jour. Ec. Nov. 1935.

Spahr, W.E. – Fallacies of Professor Irving Fisher’s 100% Money Proposal

Graham, F. D. – Reserve Money and the 100% Proposal – Amer. Econ. Rev., Sept. 1936

Lehmann, F. – 100% Money – Social Research, Feb. 1936

  1. The Banking Principle vs. the Currency Principle [Return]

Andreades, A. M. – History of Bank of England

Feaveryear, A. E. – The British Pound

Steiner, W. H. – Money and Banking, pp. 706-10

Keynes, J.M. – Treatise on Money p. 195

Laughlin, J.L.– Principles of Money

Levinsky, Money, Credit, and Prices

Viner, Jacob – Studies in the Theory of International Trade

Harris, S. E. – The Commercial Theory of Credit – Journ. Pol. Econ. Feb.1936

  1. Competition of State and National Banks [Return]

Hilderman, L. C. – National and State Banks

Tippetts, C. S. – State Banks and Federal Reserve System

Federal Reserve Bulletin – 1933, pp. 166-86

Pole, J. W. – Barrons, Sept. 19, 1932

Pole, J. W. – Proposed Unification of Banking, Bankers Mag. May 1932

Pole, J. W. – Washington Looks at State Banks, Am. Banker’s Assn. Journ., May 1932

Pole, J. W. – Symposium on Proposed Unification of Banking under Fed. Supervision: Trust Companies, Apr. and May 1932

Natl. Indus. Conf. Board – The Banking Situation in the U.S.

Barnett, – State Banks and Trust Companies since Natl. Banking Act – Nat. Monetary Comm.

Hammond, E. – Banks, States and Fed. Govt. – Am. Econ. Rev., Dec. 1933

  1. New York as International Financial Center [Return]

Steiner, W. H. – Money und Banking

Einzig, P. – Fight for Financial Supremacy

Harris, B.D.– Branch Banks und Foreign Trade

Madden, J. T. und Nadler, M. – International Money Markets

Phelps, C. W. – Foreign Expansion of American Banks

  1. Money Market in some one Year [Return]

Statistical Sources – Reserve Bank and Board Bulletins

  1. American Discount Market [Return]

Foulke, R. A. – Commercial Paper Market

Reade, L. M. – Story of Commercial Paper Market

Steiner, W. H. – Money and Banking

Phillips, C. A. – Bank Credit

Balubanis, H. P. – The American Discount Market

  1. Agricultural Credit [Return]

Steiner, W. H. – Money and Banking

Sparks, E. S. – History and Theory of Agricultural Credit in the U.S.

Holt, W. S. – Federal Farm Loan Bureau

Stockdyke, E. A. and West, C. H. – The Farm Board

Norman, J. B. – Farm Credits in U.S. and Canada

Benner, O. L. – Federal Intermediate Credit System

  1. Eligible Paper [Return]

Hardy, C. O. – Credit Policies of Federal Reserve System

Dowrie, G. W. – American Monetary and Banking Policies

Harris, S. E. – Twenty Years of Federal Reserve Policy

Steiner, W. H. – Money and Banking

Warburg, P. M. – Federal Res. System, Vol. I, p. 465

Goldenweisser, E. A. – Significance of the Lending Function of the Fed. Res. System – Journ. Amer. Stat. Assn. Mar. 1936

  1. Brokers’ Loans [Return]

Flynn, J. T. – Security Speculation

Hovey, L. H., Logan, L. S., and Gavens, H. S. – Brokers’ Loans

Rogers, J. H. – Stock Speculation and Money Market, Quart. Journ. Econ., May 1926

Eiteman, – Economics of Brokers’ Loans, Amer. Econ. Rev. March 1932

Eiteman, – Economic Significance of Brokers’ Loans and Bank Credit, Journ. Pol. Econ., Oct. 1932

Eiteman, – Regulation of Brokers’ Loans – Amer. Econ. Rev. Sept. 1933

Eiteman, – Speculation, Bank Liquidity, and Price – Amer. Econ. Rev., Dec. 1934

Hoover, C. B. – Bank Deposit and Brokers’ Loans, Jour. Pol. Econ. 1929

Anderson, B. M. – Brokers’ Loans and Bank Credit, Chase Econ. Bulletin, Oct. 1928

Thomas, W. – Credit in Security Speculation, Amer. Econ. Rev. Mar. 1933 and 1935

Harris, S. E. – Twenty Years of Federal Reserve Policy

Ellis, H. S. – German Monetary Theory

20th Century Fund – The Security Markets

  1. Collateral Loans vs. One Name Paper [Return]

Westerfield, R. B. – Trend of Secured Loans – Journ. of Bus., 1932

Steiner, W. H. – Money and Banking, pp. 212-19 (ref. & biblio.)

Greef, A. O. – The Commercial Paper House in the U.S.

  1. Interrelation of Rates of Interest [Return]

Riefler, W. – Money Rates and Money Markets

Beckhart, B. H. – The New York Money Market

Keynes, J. M. – Treatise on Money

Macauley, F. R. – Theoretical Problems Suggested by Movements of Interest Rates in U.S.

  1. Causes of Stock Market Crash [Return]

Fisher, I. – Stock Market Crash and After

Hawtrey, R. G.– Art of Central Banking

Cassel, (Univ. of Chicago, 1928)

Keynes, J.M. – Treatise on Money

Reed, H. L.– Fed. Res. Policy, 1921-1931

Hardy, C. O.– Credit Policy of the Fed. Res. System

Harris, S. E.– Twenty Years of Fed. Res. Policy

Ohlin, B. – Course and Phases of the World Econ. Depression

Robbins, L.– The Great Depression

Hayek, F. – Prices and Production

Hirst, T.M.– Wall St. and Lombard St.

McGregor, A. G. – Basic Cause of World Depression and Sound Remedy

Salter, Sir Arthur – Recovery, the Second Effort

  1. Causes and Results of Bank Holiday [Return]

Colt, C. O. and Keith – Twenty-eight Days, A History of Banking Crisis

Amer. Bankers’ Assn. – Econ. Pol. Assn. – Banking after the Crisis

Ayres – Lessons of Banking Disaster, Com. and Fin. Chronicle Mar. 15,1933

Economist, Mar. 4, 11, and 19, 1933, American Banking Crisis

  1. Causes of Decline of Commercial Loans [Return]

Currie, L. – Decline of Commercial Loan – Quart. Journ. Econ. Aug. 1931

Natl. Indus. Conf. Board – Availability of Bank Credit – 1933

Commercial Borrowing under Recovery Act – Am. Bankers’ Assn. Journal, Sept. 1933

Present Sources of Bank Income – Amer. Bankers’ Assn. Journ. May 1934

Why Banks Don’t Lend – Bankers’ Magazine, Feb. 1934

New Banking Problems – Amer. Banker’s Assn. Journ. Aug. 1934

What is a Sound Loan – Bankers’ Magazine, Nov. 1934

Stone, L. – Commercial Loans and Recovers – Barron’s Dec. 30, 1935

  1. Banks and the Public Debt [Return]

Willis, H. P. and Chapman, J. M. – The Banking Situation: American Post-War Problems

Cole, G. D. H. – What Everybody Wants to Know about Money

Smith, D. T. – Deficits and Depressions

Angell, J. W. – Fed. Finances and the Banking System, Amer. Stat. Suppl., March 1935

  1. Federal Credit Agencies [Return]

The Postal Savings System of the U.S. – Amer. Bankers’ Assn.

Survey of Government Banks – Banking, Jan. 1936

McDiarmid, J. – Govt. Corps and Federal Funds

Anderson, G. E. – Government Banking – Banking, Feb. 1936

  1. Bank Reform [Return]

Goldschmidt, R. W. – The Changing Structure of American Banking

Vanderlip, Frank A. – Tomorrow’s Money

Gephart, W. F. – Our Commercial Banking System – Am. Ec. Rev. Suppl. Mar. 1935

Hammond, R. – Long and Short Term Credit in Early Amer. Banking – Quart. Journ. Econ., Nov. 1934

Alling, N. D. – A Scientific Banking System – Bankers’ Mag. April 1935

Manuel, R. W. – Eliminating Bank Induced Inflation – Bankers’ Mag. Oct. 1937

Heilperin, M. A. – Economics of Banking Reform – Pol. Science Quarterly, Sept. 1935

  1. Nationalization of Banking [Return]

Currie, L. – Supply and Control of Money in the U.S.

Clark – Central Banking under Fed. Res. System

Sachse, O. – Socialization of Banking

White, A. B. – Nationalization of Banking (Eng.)

Proposal for Central Banking and Significance – Guaranty Survey, Sept. 1934

And Next – A Government Bank? – Rand McNally Bankers’ monthly, Nov. 1934

History Marks Boundary Between Govt. and Banking – Amer. Bankers’ Assn. Jour. May 1934

Essentials of American Banking Reform, etc. – Am. Bankers’ Assn. Journ., May 1933

Dodwell, D. W. – Treasuries and Central Banks

Goldschmidt, R. W. – Changing Structure of Amer. Banking

Moley, R. – Must Government Take over Banks? – Today, Feb. 3, 1934

Simons, H. C. – Positive Program for Laissez-Faire

Cole, G. D. H. – What Everybody Wants to Know about Money

Hubbard, Jos. B. – The Banks, The Budget, and Business

Govt. Ownership of the 12 Fed. Res. Banks – Ownership of the 12 Fed. Res. Banks – Hearings before the House Committee on Banking and Currency

Taylor, G. W. – The Case against the Nationalization of Banks – Journ. Canadian Bankers’ Assn., Oct. 1935

Rau, B. R. – The Nationalization of Money – Indian Jour. Econ., Oct. 1936

Paine, W. W. – Nationalizing the Bank – Bankers’ Ins. Manag. Mag., Sept. 1935

Socialization of the Banks – Bankers’ Ins. Manag. Mag., July 1934

Theodore, E. G. – Nationalization of Credit – Econ. Record, Dec. 1933

  1. Branch and Chain Banking [Return]

Annals of Am. Acad. Pol. And Soc. Science – Jan. 1934

Collins, C. W. – Branch Banking Question

Cartinhour, G. T. – Branch, Group and Chain Banking

Harr, L. A. – Branch Banking in England

Ostrolenk, B. – Economics of Branch Banking

Southworth, S. D. – Branch Banking in U.S.

Am. Bankers’ Assn. – A Study of Group and Chain Banking – Ec. Policy Com. 1929

Hearings on Branch, Group and Chain Banking – HR 141 – 1930

Chapman, J. M. – Concentration of Banking

Goldschmidt, R. W. – The Changing Structure of Am. Banking

Dowrie, G. W. – The Branch Banking Situation and Outlook – Harv. Bus. Rev., Summer 1938

Simpson, J. H. – Branch Banking in U.S. – Canadian Banker, Apr. 1938

Fisher, I. – 100% Money and Branch Banking – Northwestern Banker, Mar. 1937

Bradford, F. A. –Angell, The Behavior of Money – Quart. Jour. Econ. Feb. 1937

Galbraith, J. K. – Branch Banking and its Bearing on Agricultural Credit, Journ. Farm. Econ., April 1934

  1. Branch Banking in Britain [Return]

Steiner, W. H. – Money and Banking – 614-15 ref.

Sykes, J. – Amalgamation Movement in English Banking

Harr, L. A. – Branch Banking in England

Willis, H. P. and Beckhart – Foreign Banking Systems

Collins, C. W. – Branch Banking Question

  1. Branch Banking in Canada [Return]

Steiner, W. H. – Money and Banking, 614-15 ref.

Willis, H. P. and Beckhart, B. H. – Foreign Banking Systems

Collins, C. W. – Branch Banking Question

Holladay, J. – The Canadian Banking System

Dodds, J. – Banking in Canada – Jour. Canadian Bankers’ Assn., Jan. 1936

Addis, C. – Canada and Its Banks – Quart. Rev., July 1934

  1. Branch Banking in Russia [Return]

Arnold, A. Z. – Banks, Credit and Money in Modern Russia

Reddaway, W. B. – The Russian Financial System

Hubbard, L. E. – Soviet Money and Finance

Kellman, L. – Money and Banking in Russia – Harper’s Dec. 1936

Gourvitch, A. – Problem of Prices and Valuation in the Soviet System – Am. Econ. Rev. Suppl. [1936]

Nehru, S. S. – Controlled Currency and Credit – Some Russian Results – Indian Inst. Bankers’ Journ., Jan. 1935

  1. Cunliffe Report on British Currency [Return]

Cunliffe Report

War Period Literature

  1. Monetary Developments in Some Countries Since the War [Return]

Northrop, M. B. – Control Policies of the Reichsbank – 1924-33

Monetary Policy in the British Empire – Banker, Oct. 1935

League of Nations Reports

II. CENTRAL BANKING

General References [Return]

Westerfield, R. B. – Money, Credit and Banking

Thomas, R. G. – Modern Banking

Willis, H. P. and Chapman, J. H. – The Banking Situation: American Post-War Problems

Willis, H. P., Chapman, J. H. and Robey, R. W. – Contemporary Banking

Bogen, J. I., Foster, M. B., Nadler, M. – Money and Banking

  1. Development of Central Banking Functions [Return]

Smith, V. C. – The Rationale of Central Banking

Weyforth, W. O. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

Dodwell, D. W. – Treasuries and Central Banks, Especially in England and the U.S.

Anderson, J. – The Philosophy of the Fed. Res. Act. – Bankers’ Mag. Sept. 1935

  1. Organization of Federal Reserve System [Return]

Willis, H. P. and Edwards – Banking and Business

Steiner, W. H. – Money and Banking

Clark – Central Banking under Fed. Res. System

Warburg, P. M. – Fed. Res. System, Vol. I

Harding – Formative Period of Fed. Res. System

Strong, Benj. – Addresses and Speeches

Nat. Ind. Conf. Board – Banking Situation in U.S.

Willis, H. P. – Federal Reserve System

Weissman, R. L. – The New Federal Reserve System: The Board Assumes Control

Bopp, K. –The Agencies of Federal Reserve Policy

Weyforth, W. O. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

  1. Bank Act of 1933 [Return]

Fed. Res. Bulletin – June 1933

Brody – Act of 1933 and Emergency Act – Bankers’ Law Jour. 1933

Natl. City Bank Letter – July 1933

Steiner, W. H. – Money and Banking

Harris, S. E. – Twenty Years of Fed. Res. Policy

Goodbar, J. E. – Managing People’s Money

Willis, H. P. – Federal Reserve System

Preston, J. J. – The New Federal Reserve System: The Board Assumes Control

Westerfield, R. B. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

  1. Bank Act of 1935 [Return]

Amer. Inst. of Banking – Banking Act of 1935

Goodbar, J. E. – Managing People’s Money

Bradford, F. A. – Banking Act of 1935 – Am. Ec. Rev., Dec. 1935

Gayer, A. D. – The Banking Act of 1935 – Quart. Jour. Econ., Nov. 1935

Gayer, A. D. – The U.S. Banking Act 1935 – Econ. Jour., Dec. 1935

Kress, H. J. – The Banking Act of 1935 – Michigan Law Rev. Dec. 1935

Preston, H. H. – Banking Act of 1935 – Jour. Pol. Econ. Dec. 1935

Crowder, W. F. – Evolution and Analysis of the Banking Act of 1935 – Journ. Bus. Univ. Chi., Jan 1936

Williams, J. H. – The Banking Act of 1935 – Am. Ec. Rev. Suppl. March 1936

Eccles, M. S. – The Banking Bill of 1935 – Barron’s May 27, 1935

  1. Review of Federal Reserve Policy for Some Period [Return]

Harris, S. E. – Twenty Years of Fed. Res. Policy

Hardy, C. O. – Credit Policies of Fed. Res. System

Dowrie, G. W. – American Monetary and Banking Policies

Goldenweiser, E. A. – Fed. Res. System in Operation

Reed, H. L. –Development of Fed. Res. Policy

Reed, H. L. – Fed. Res. Policy, 1921-1930

Currie, L. B. – Supply and Control of Money in U.S.

Annual Reports of Fed. Res. Board

Fed. Res. Bulletins

Paris, J. D. – Monetary Policies of the U.S. 1932-38

Willis, H. P. – The Theory and Practice of Central Banking

Clark, L. E. – Central Banking under the Fed. Res. System with special reference to the New York Fed. Res. Bank

Weyforth, W. O. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

Fisher, I. and Cohrssen, H. R. L. – Stable Money: A History of the Movement

Cole, G. D. H. – What Everybody Wants to Know About Money

Whitney, Caroline – Experiment in Credit Control: The Fed. Res. Sys.

Weissman, R. L. – The New Fed. Res. System: The Board Assumes Control.

Villard, H. H. – The Fed. Res. System’s Monetary Policy in 1931 and 1932 – Jour. Pol. Econ., Dec. 1937

Fed. Res. Policy –Economist – London, Jan. 16, 1937

Miller, A. C. – Fed. Res. Policies, 1927-29, Am. Ec. Rev., Sept. 1935

  1. Open Market Operations [Return]

Weyforth, W. O. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

Weissman, R. L. – The New Res. System: The Board Assumes Control

  1. Varying Reserve Requirements [Return]

[no references given for this item]

  1. Acceptance Market and the Federal Reserve System [Return]

Steiner, W. H. – Money and Banking, p. 309

Beckhart, B. H. – New York Money Market, Vol. III

Meech, S. P. – Journal of Business, Vol. II 1929

Riefler, W. – Money Rates and Money Markets

Hardy, C. O. – Credit Policies of the Fed. Res. System

Harris, S. E. – Twenty Years of Fed. Res. Policy

Jacobs – Bank Acceptances – Nat. Monetary Comm.

Whitney, Caroline – Experiment in Credit Control

  1. Industrial Advances of the Federal Reserve Banks [Return]

Hardy, C. O. and Viner, J. – Report on Availability of Bank Credit in 7th Fed. Res. District

Anderson, G. E. – Govt. Banking – Banking, Feb. 1936

Industrial Advances by Fed. Res. Banks – Fed. Res. Bull. April 1935

  1. Criteria of Monetary Policy [Return]

Gayer, A. D. – Monetary Policy and Econ. Stabilization. A Study of the Gold Standard

Slichter, S. H. – Towards Stability

Mills, R. C. and Walker, E. R. – Money

  1. Criteria of Federal Reserve Policy [Return]

Steiner, W. H. – Money and Banking

Harris, S. E. – Twenty Years of Fed. Res. Policy

Hardy, C. O. – Credit Policies of the Fed. Res. System

Willis, H. P. – The Theory and Practice of Central Banking

Fisher, I. and Cohrssen, H. R. L. – Stable Money: A History of the Movement

Whitney, Caroline –Experiments in Credit Control

Weissman, R. L. – The New Fed. Res. System: The Board Assumes Control

Cassel, G. – Guiding Principles of Monetary Policy – Mysore Econ. Journ., July 1938

Eccles, M. S. – Credit and Monetary Policies of the Fed. Res. – Bankers’ Magazine, April 1937

  1. Neutral Money [Return]

Gayer, A. D. – Monetary Policy and Econ. Stabilization: A Study of the Gold Standard

Armstrong, W. E. – Savings and Investment

Slichter, S. H. – Towards Stability

Barger, H. – Neutral Money and the Trade Cycle – Economica, Nov. 1935

Hayek, F. – Prices and Production

Hayek, F. – Monetary Theory and the Trade Cycle

Adarkar, B. P. – Hayek’s Neutral Money Doctrine – Ind. Jour. Econ. Jan. 1937

  1. Price Stabilization: The Strong Bills [Return]

Lawrence, – Stabilization of Prices

Keynes, J. M. – Monetary Reform

Keynes, J. M. – Treatise on Money

Robertson, D. H. – Banking Policy and Price Level

Hayek, F. – Prices and Production

Haberler, G. – Essay in Gold and Monetary Stabilization

Hardy, C. O. – Credit Policies of Fed. Res. System

Cassel, G. – Rate of Interest, Bank Rate, and Stabilization of Prices, Quart. Jour. Econ., Aug. 1928

Phillips, G. A., McManus, T. F., Nelson, W. – Banking and the Business Cycle

Commodity Prices and Stability – Economist, (London) Dec. 4, 1937

  1. Price vs. Economic Stabilization [Return]

Gayer, A. D. – Monetary Policy and Econ. Stabilization: A Study of the Gold Standard

Phillips, C. A., McManus, T. F., Nelson, R. W. – Banking and the Business Cycle

Harrod, R. F. – The Expansion of Credit in an Advancing Community – Economica, Aug. 1934

Ohlin, B. – The Inadequacy of Price Stabilization-Index Dec. 1933

Egle, W. – Monetary Conditions of Economic Stability – Am. Ec. Rev. Sept. 1938

  1. Qualitative vs. Quantitative Credit Control [Return]

Robey, R. W. – Purchasing Power: An Introduction to Qualitative Credit Control

Dunkman, W. E. – Qualitative Credit Control

  1. Central Bank Policy and Speculation [Return]

Hardy, C. O. – Credit Policies of the Fed. Res. System

Harris, S. E. – Twenty Years of Fed. Res. Policy, Vol. II

Currie, L. – Supply and Control of Money in the U.S.

Williams, J. H. – Review of Keynes, Quart. Journ. Econ., Aug. 1931

Keynes, J. M. – Treatise, Ch. 15

Reed, H. L. – Fed. Res. Policy 1921-1930, pg. 168

Annual Report of Fed. Res. Board (especially 1929 and 1930)

Rogers, J. H. – Stock Speculation and Money Market, Quart. Journ. Ec. 1926

Hearings on Strong Bills (Cassel)

Anderson, B. M. – Chase Ec. Bulletin, May 1929 and Oct. 1928

Balogh, – Am. Ec. Rev., 1930

Hawtrey, R. G. – Stock Speculation and Wall St., Art of Central Banking

Machlup, F. – Boersenkredit, Industrielle Kredit und Kapitalbildung

Ohlin B. – Index #31, July 1928, Central Banking Policy and Prices

Burgess, W. R. – R.E.S. 1930

Hayek, F. – Economica, 1932, p. 38

Hoover, C. B. – Journ. Pol. Econ. 1929 – Brokers’ Loans and Bank Deposits

Eiteman, W. J. – Economics of Brokers’ Loans – Am. Ec. Rev., 1932, pp. 69-71

Hearings, –  Operation of Banking Systems 1931, p. 1024

Goodbar, J. E. – Managing People’s Money

Whitney, Caroline – Experiments in Credit Control: The Fed. Res. Sys.

Smith, D. T. – Deficits and Depressions

Thomas, W. – Credit in Security Speculation – Am. Ec. Rev. – Mar. 1935

The Banks and the Stock Market, Journ. Pol. Econ. – Dec. 1935

  1. Central Bank Policy and Agriculture [Return]

Black, J. – Provision of Agricultural Credit in the U.S. – Quart. Journ. Econ. 1928

Annual Reports of Fed. Farm Board

Lee, V. P – Principles of Agricultural Credit

James, F. C. – Economics of Money, Credit and Banking, ch. 25

Sparks, E. S. – History and Theory of Agricultural Credit in U.S.

  1. Fiscal Function of Federal Reserve Board [Return]

Chapman, J. M. – Fiscal Functions of Fed. Res. Banks

Harris, S. E. – Twenty Years of Fed. Res. Policy

Clark, L. E. – Central Banking Function under the Fed. Res. System

Smith, D. T. – Deficits and Depressions

  1. Bank Correspondent Relationship under Federal Reserve System [Return]

Clark, L. E. – Central Banking under fed. Res. System

Watkins, L. R. –  Bankers’ Balances

Steiner, W. H. – Money and Banking – p. 660

Hearings on Branch, Group and Chain Banking – 71st Congress

  1. Effectiveness of Central Bank Control [Return]

Hardy, D. O. – Credit Policy of Fed. Res. System

Harris, S. E. – Twenty Years of Fed. Res. Policy

Hawtrey, R. G. – Art of Central Banking

Keynes, J. M. – Treatise on Money – Book VII

Robertson, D. H. – Banking Policy and Price Level

Currie, L. – Supply and Control of Money in the U.S.

Reed, H. L. – Fed. Res. Policy 1921-1931

Zorn, E. C. – Why our Easy Money Policy has Failed – Bankers’ Mag. July 1938

Alling, N. D. – Fed. Res. Sys. And Low Int. Rates – Bankers’ Mag. May 1937

Burgess, W. R. – Limitations of Fed. Res. Policy – Bankers’ Mag. Nov. 1936

Platt, E. –  The Limitations of Central Banking – Bankers’ Mag. Nov. 1936

Collins, E. H. – The Reserve Board Tests the Brakes – Banking Dec. 1935

Currie, L. – The Failure of Monetary Policy to Prevent the Depression of 1929-33, Jour. Pol. Econ., April 1934

Holladay, J. A. – Can Credit be Controlled? – Bankers Mag., May 1936

  1. Treasury Control of Monetary Policy [Return]

Harris, S. E. – Twenty Years of Fed. Res. Policy

Harding, W. P. G. – Formative Period of Fed. Res. System

Reed, H. L. – Fed. Res. Policy 1921-31

U.S. Chamber of Commerce – Banking and Currency Comm. Report & Suppl.

Dodwell, D.W. – Treasuries and Central Banks, Especially in England and the U.S.

Govts. And Central Banks – Economist, London, Mar. 28, 1936

Anderson, T. J. – Currency Powers of Congress – Bankers Mag., Jan. 1935

Powers of Congress over Banking – Bankers Mag., Feb. 1935

Bradford, F. A. – Political Banking Destroying the Reserve System – Annalist, Jan. 11, 1935

Ebersole, J. F. – The Money Management Powers of the Treas. and Fed. Res. Banks – Harv. Bus. Rev. Autumn 1936

Einzig, P. – Govt. Interference in Banking – Barron’s Nov. 18, 1935

  1. Bank of England and London Money Market [Return]

Andreades, A. M. – History of Bank of England

Spalding, – London Money Market

Strakes, – Money Market

Bagehot, W. – Lombard Street

Harris, S. E. – Monetary Problems of British Empire

Bisschop, – Rise of London Money Market

Thomas, S. E. –  British Banks and Finance of Industry

Sagers, R. S. – Bank of England Operations, 1890-1914

Truptil, R. J. – British Banks and the London Money Market

Madden, J. T. and Nadler, M. – The International Money Markets

Beach, W. E. – British International Gold Movements and Banking Policy

Biddulph, G. – The Bank of England’s Monetary Policy – Econ. Forum, Sept. – Oct. 1934

  1. Central Banking in France [Return]

Peel, G. – Economic Policy of France

Madden, J. T. and Nadler, M. – The International Money Markets

Boris, G. – Reforming the Bank of France – Foreign Affairs, Oct. 1936

  1. Central Banking in Canada [Return]

Holladay, J. – The Canadian Banking System

Cohen, J. C. – The Govt. and the Central Bank in Canada – Banker, London, Apr. 1934

Rhodes, E. N. – Canada’s Central Bank – Banking, Nov. 1934

Rogers, A. W. – The Bank of Canada – Journ. Canadian Bankers’ Assn. Oct. 1934

  1. Cooperation of Central Banks [Return]

Mlynarski, F. J. – Gold and Central Banks

Royal Inst. of Int. Affairs – International Gold Problem

Royal Inst. of Int. Affairs – Monetary Policy and Depression

League of Nations – Gold Report

MacMillan Report (Report of the Committee on Finance and Industry)

Hawtrey, H. G. – Art of Central Banking

Keynes, J. M. – Treatise on Money

Goldstein, A. – Fed. Res. Aid to Foreign Central Banks, Rev. Econ. Stud., Feb. 1935

Goldstein, A. – International Aspects of Fed. Res. Policy – Rev. Ec. Stat., Aug. 1935

III. THE BUSINESS CYCLE – Analysis and Policy

General References [Return]

Gordon, R. A. – Bibliography on Business Cycles, Rev. of Econ. Statistics, Special Number, Feb. 1937

  1. Causes of the Depression [Return]

Robbins, L. – The Great Depression

Bratt, E. C. – Business Cycles and Forecasting

Haberler, G. – Prosperity and Depression

Dulles, E. L. – Depression and Reconstruction: A Study of Causes and Controls

  1. Critical Discussion of One Theory of the Business Cycle:
    Pigou / Robertson / Keynes / Hayek / Hawtrey / Mitchell
    Foster and Catchings / Schumpeter / Harrod [Return]

Bresciani-Turroni – Rev. of Money theory and Trade Cycle – Economica, Aug. 1934

Ellis, H. – German Monetary Theory

Hanson, H. H. – Rev. of Prices and Production, Am. Ec. Rev., June 1933

Hawtrey – Rev. of Prices and Production, Economica, Feb. 1932

Hawtrey – Capital and Employment

Hawtrey – Prof. Haberler on the Trade Cycle – Economica, Feb. 1938

Hayek, F. – Paradox of Saving, Economica, May 1931

Hayek, F. – Money and Capital, Ec. Journ. – June 1932

Hayek, F. – Capital and Industrial Fluctuations, Econometrica, April 1934

Hayek, F. – On Relationship between Investment and Output – Ec. Journ., June 1934

Hayek, F. – Monetary Theory and the Trade Cycle

Hayek, F. – The Fallacy of Artificial Price Raising – Barron’s March 12, 1934

Keynes, J. M. – On Hayek’s Review – Ec. Journ., Nov. 1931

Knight, F. H. – Hayek’s Theory of Investment, Ec. Journ. Mar. 1935

Sraffa, P. – Hayek on Money and Capital – Ec. Journ., March 1932

Marget, A. W. – Theory of Prices

Hansen, A. H. – Full Recovery or Stagnation

Shackle, G. L. S. –Expectations, Investments and Income

Munro, H. – Principles of Monetary Industrial Stability

Haberler, G. – Prosperity and Depression

Harrod, R. F. – The Trade Cycle

Durbin, E. F. M. – Problem of Credit Policy

Hayek, F. – Investment that Raises the Demand for Capital – Rev. Am. Stat., Nov. 1937

Neisser, H. – Investment Fluctuation as Cause of the Bus. Cycle – Social Research, Nov. 1937

Chand, G. – Keynes and the Trade Cycle – Indian Jour. Econ. Apr. 1938

Muniswamy, M. K. –Recent Trends in Trade Cycle Theory – Indian Jour. Ec. – April 1938

Mr. Keynes and Finance – Ec. Jour. June 1935

Mukherjee, B. – Trade Cycle and Its Remedies – Nature and Causes of Trade Cycles – Indian Jour. Econ. Apr. 1931

Robertson, D. H. – Trade Cycle – An Academic View – Lloyd’s Bank Monthly Rev., Sept. 1937

Population Cycles: A Cause of the Business Cycle – Quart. Journ. Ec., Jan. 1937

Adarkar, B. P. – Prof. Hayek’s Neutral Money Doctrine – Ind. Journ. Ec., Jan. 1937

  1. Monetary Theory of the Trade Cycle [Return]

Hayek, F. – Monetary Theory and the Trade Cycle

Haberler, G. – Prosperity and Depression

Weyforth, W. O. – The Fed. Res. Board: A Study of Fed. Res. Structure and Credit Control

Fisher, A. G. B. – Volume of Produce and Volume of Money – Am. Ec. Rev., June 1935

Shackle, G. L. S. – Some Notes on Monetary Theories of the Trade Cycle – Rev. Ec. Stud., Oct. 1933

Snyder, C. – Problem of Monetary and Econ. Stability – Quart. Journ. Econ., Feb. 1935

  1. Review of Warren and Person: Prices [Return]

Warren, G. and Pearson, F. A. – Prices

Warren, G. and Pearson, F. A. – World Prices and the Building Industry

Warren, G. and Pearson, F. A. – Monetary Policy and Prices – Journ. Farm. Econ., May 1935

Warren, G. – Some Statistics on the Gold Situation – Am. Ec. Rev. Suppl. March 1934

Spahr, W. – Monetary Theory of Warren and Pearson

Ransome and Mann – Future of Prices, Home and Abroad

Laughlin, J. L. – Principles of Money

Scott, – Money and Banking

Hardy, C. O. – The Warren-Pearson Price Theory

  1. Period of Production and the Trade Cycle [Return]

Hawtrey, R. G. – Capital and Employment

  1. Review of Hayek: “Prices and Production” [Return]

Hawtrey, R. G. – Capital and Employment

  1. Theory of Forced Savings [Return]

Robertson, D. H. – Money

Robertson, D. H. – Banking Policy and the Price Level

Economics of Saving – Amer. Econ. Rev., 1913

Egle, W. – Money and Production – Journ. Pol. Econ., June 1935

Durbin, E. F. M. – Purchasing Power and Trade Depression

  1. Theory of Bank Rates [Return]

Keynes, J. M. – Treatise on Money

Keynes, J. M. – General Theory of Employment, Interest and Money

Harris, S. E. – Twenty Years of Fed. Res. Policy

Steiner, W. H. – Money and Banking

Hawtrey, R. G. – Art of Central Banking

Hawtrey, R. G. – Currency and Credit

Hayek, F. – Prices and Production

Hayek, F. – Monetary Theory of the Trade Cycle

Wicksell, K. – Natural Rate of Interest, Quart. Journ. Ec., 1907

Macaulay, F. R. – Theoretical Problems Suggested by Movements of Interest Rates in the U.S.

Adarkar, B. P. – Theory of Monetary Policy

Edie, L. D. – Easy Money

Wicksell, K. – Interest and Price

Fleming, J. M. – Determination of the Rate of Interest, Economica, Aug. 1938

Melville, R. G. – The Theory of Interest – Econ. Record, June 1938

Bissell, R. M. – The Rate of Interest – Suppl. Am. Ec. Rev., Mar. 1938

Conning, J. B. – The Rate of Interest – Suppl. Am. Ec. Rev., Mar. 1938

Lange, O. – Rate of Interest and the Optimum Propensity to Consume, Economica, March 1938

Lange, O. – The Place of Interest in the Theory of Production, Rev. Econ. Stud., June 1936

Keynes, J. M. – The “Ex Ante” Theory of Interest Rate – Ec. Journ. Dec. 1937

Tahata, Y. – Determination of Rate of Interest – Kyoto Univ. Ec. Rev. – July 1937

Lerner, A. P. – Alternative Formulations of the Theory of Interest, Ec. Journ., June 1938

Millikan, M. – Liquidity Preference Theory of Interest – Am. Ec. Rev., June 1938

Riley, R. H. – Note on “A Break in Keynes Theory of Interest” – Am. Ec. Rev., June 1928

Ohlin, B., Robertson, D. H., and Hawtrey, R. G. – Alternative Theories of the Rate of Interest – Ec. Journ. September 1937

Keynes, J. M. – Alternative Theories of the Rate of Interest – Econ. Journ., June 1937

Ellsworth, P. T. – Mr. Keynes on the Rate of Interest – Journ. Pol. Ec., Dec. 1936

Jones, H. L. – Should Interest be Abolished? – Bankers Mag., May 1936

Hutton, D. G. – Recovery and the Rate of Interest – Lloyd’s Bank Rev., Feb., 1937

  1. Installment Selling and the Business Cycle [Return]

Currie, L. – Supply and Control of Money in U.S.

Moulton, H. G. – Financial Organization of Society

Steiner, W. H. – Money and Banking

Clark, Evans – Financing the Consumer

Seligman, E. R. A. – Economics of Installment Selling

Ayres, M. V. and Plummer, C. W. – Social and Economical Consequences of Buying on the Installment Plan – Annals of the Amer. Acad. of Pol. and Soc. Science, 1927 Suppl.

Phelps, C. W. – Controlled Installment Credit – Household Fin. Corp.

Babson, R. W. – Folly of Installment Buying

Cover, J. H. – Financing the Consumer

Douglas, P. F. – Consumer Credit

Goldman, J. – Prosperity and Consumer Credit

Foster, L. B. R. – Credit for Consumers

Zweig, F. – The Economics of Consumer Credit

Silberling, N. J. – Consumer Goods Financing and Investment Fluctuations – Amer. Ec. Rev., Sept. 1938

Schwartz, G. L. – Installment Finance – Economica – May 1936

Installment Finance – “Index”, N.Y. Trust Co., April 1937

Consumer Credit – Annals Amer. Acad. Pol. Science, March 1938

  1. Underconsumption Theory of the Trade Cycle [Return]

Munro, H. – Principles of Monetary-Industrial Stability

Haberler, G. – Prosperity and Depression

Phillips, C. A., et al. – Banking and the Business Cycle

Adams, A. B. – Analysis of Business Cycles

Foster, W. T. and Catchings, W. – Profits

Slichter, S. H. – Towards Stability

Durbin, E. F. M. – Purchasing Power and the Trade Depression

Hayek, F. – Prices and Production

Hobson, J. A. and Durbin, E. F. M. – Underconsumption – Economica, November 1933

  1. The Dilemma of Thrift [Return]

Foster, W. T. and Catchings, W. – Profits

Pigou and Robertson –  Review of Foster and Catchings

Hayek, F. – Paradox of Saving – Economica, May 1931

Mitchell, W. C. – Business Cycles

Keynes, J. M. – Treatise on Money

  1. Major Douglas’ Social Credit [Return]

Douglas, C. H. – Social Credit

Holter, E. S. – The ABC of Social Credit

Meade, J. E. – Consumers’ Credit and Unemployment

Hansen, A. H. – Full Recovery or Stagnation

Hawtrey R. G. – Capital and Employment

Dobb, M. – Social Credit Discredited

Strachey, J. – Social Credit

Larkin, J. C. – From Debt to Prosperity

Chase, H. S. – Fallacies of Social Credit – Am. Ec. Rev. Dec. 1935

Chase, H. S. – Social Credit: A Study of the New Economics – Bankers Magazine, April 1935

Robinson, G. B. – Where Social Credit Has Led Us – Annalist, Dec. 27, 1935

The Social Credit Doctrine – Barron’s Weekly, Oct. 28, 1935

Cordell, W. and K. – Alberta and Social Credit – No. Am. Rev. March 1936

  1. Fisher’s Compensated Dollar (Commodity Dollar) [Return]

Fisher, I. – Stabilizing the Dollar

U.S. House of Representatives – Committee on Banking and Currency – Hearings on Goldsborough Bill, H. R., 11788 – 1923

U.S. House of Representatives – Committee on Banking and Currency – Hearings on Goldsborough Bill, H. R., 424 – 1929J

Report on Fisher’s Plan to Stabilize the Dollar – Journ. Am. Bankers’ Assn, 1920

Anderson, B. M. – Fallacy oft he Stabilized Dollar, Journ. Am. Bankers‘ Assn, 1929

Taussig, F. W. – Plan for Compensated Dollar – Quart. Journ. Ec. 1913

Lawrence, – Stabilization of Prices

Gideonse, H. D. – The Commodity Dollar

Kemmerer, E. W. – Money

Slichter, S. H. – Towards Stability

Reed, H. L. – The Commodity Dollar

Rorty, M. C. – The Commodity Dollar – Harv. Bus. Rev., Winter, 1936

  1. 100% Reserve Plan [Return]

(See Title Number 13)

  1. Public Expenditure and Prices [Return]

Gayer, A. D. – Public Works in Prosperity and Depression

Gayer, A. D. – Monetary Policy and Econ. Stabilization

Clark, J. M. – Economics of Planning Public Works

Pigou, A. C. – Public Finance (or any standard text)

Pigou, A. C. – Theory of Unemployment

Keynes, J. M. – Means to Prosperity

Hawtrey, R. G. – Trade Depression and the Way Out

Foster, W. T. and Catchings – Profits

Harris, S. E. – Public Expenditure and Prices – Rev. Ec. Stat., Feb. 1935

Kahn, R. F. – Home Investment – Ec. Journ. 1931

Worming, J. – Financing of Public Works – Ec. Journ. 1932

Bowley, A. – Is Unemployment Inevitable?

Wolman, L. – Public Works

Hubbard, J. B. – Economics of Public Works

Boynton, P. H., et al. – Economics of Pump Priming

Slichter, S. H. – The Economics of Public Works – Am. Ec. Rev. Suppl. March 1934

Cole, G. D. H. – Economic Planning

Douglas, Paul – Controlling Depressions

  1. The Theory of Public Works [Return]

(See above Title and References)

  1. The Multiplier [Return]

Harrod, R. F. – Trade Cycle

Kahn, R. F. – Home Investment, Econ. Journ. 1931

Clark, Colin – Determination of the Multiplier from Natl. Income Statistics – Rev. Econ. Stat., May 1938

Bresciani-Turroni, C. – The Multiplier in Practice – Rev. Econ. Stat., May 1938

IV. MONETARY THEORY

General References

Gordon, R. A. – Bibliography on Business Cycles, Review of Economic Statistics, Special Number, Feb. 1937

  1. English Monetary Theory during the Napoleonic Wars [Return]

MacLeod, H. D. – Theory of Credit

Cannan, E. – Paper Pound

Thornton – Paper Credit of Great Britain

Report of Bullion Committee

Tracts on Bullion Committee Report

Ricardo, D. – Price of Gold

Keynes, J. M. – Essays in Biography, on Malthus

Andreades, A. M. – History of the Bank of England

Angell, J. – International Prices

Fisher, I. and Cohrsson, H. R. L. – Stable Money: A History of the Movement

  1. Nominalistic vs. Metallistic Conception of Money [Return]

Encyclopedia of Social Sciences

Knapp, – The State Theory of Money

Ellis, – German Monetary Theory

  1. Transaction vs. Cash Balances Approach to the Quantity Theory of Money [Return]

Marget, A. W. –

Ellis, – German Monetary Theory

  1. Keynes’ Theory of Money [Return]

Keynes, J. M. – Treatise on Money

Keynes, J. M. – Theory of Employment, Interest and Money

Williams, J. H. – Review of Keynes – Quart. Journ. Ec., Aug. 1931

Robertson, D. H. – Review of Keynes – Ec. Journ. Sept. 1931

Robertson, D. H. – Mr. Keynes and “Finance” – Ec. Journ. Sept. 1938

Hayek F. – Review of Keynes – Economica, Aug. 1931, Feb. 1931 (see also Keynes’ rejoinders in Economica, Nov. 1931 and FF)

Hawtrey, R. G. – Art of Central Banking

Marget, A. W. – Theory of Prices

Curtis, Myra and Townsend, Hugh – Modern Money

Joy, D. – Keynes on Money – Banker (London) April 1936

  1. Marshall as a Monetary Theorist [Return]

Marshall, Alfred – Money, Credit and Commerce

Marshall, Alfred – Official Papers

Keynes, J. M. – Treatise on Money

Angell, J. W. – Theory of International Prices

Memorial to Alfred Marshall, especially Keynes Essay

Robertson, D. H. – Economic Fragments

Pigou, A. C. and Robertson, D. H. – Economic Essay and Addresses

  1. Cannan as a Monetary Theorist [Return]

Cannan, E. – Modern Currency and Regulation of its Value

Cannan, E. – Economic Scares

Cannan, E. – Money (trace through 3rd to 6th editions)

Gregory, T. E – Professor Cannan’s Contemporary Monetary Theory – “London Essays on Economics”.

  1. Robertson’s Theory of Money [Return]

Robertson, D. H. – Money

Robertson, D. H. – Banking Policy and Price Level

Robertson, D. H. – Economic Fragments

Robertson, D. H. and Pigou, A. C. – Economic Essay and Addresses

  1. Hawtrey’s Theory of Money [Return]

Hawtrey, R. G. – Currency and Credit

Hawtrey, R. G. – Trade Depressions

Hawtrey, R. G. – Art of Central Banking

Cannan, E. – Rev. of Hawtrey, Gold Standard, Ec. Journ., Dec. 1927

Cannan, E. – Rev. of Hawtrey, Trade Depression, etc., Ec. Journ. Mar. 1932

Hardy, C. O. – Rev. of Hawtrey, Art of Central Banking, Am. Ec. Rev. June 1933

Harrod, R. F. – Rev. of Hawtrey, Currency and Credit, Ec. Journ., June 1929

Harrod, R. F. – Rev. of Trade Depression, etc., Ec. Journ. June, 1934

Keynes, J. M. – Rev. of Hawtrey, Currency and Credit, Ec. Journ., Sept. 1920

Marget, A. W. – Rev. of Hawtrey, Gold Standard, Quart. Journ. Ec. Nov. 1927

Pigou, A. C. – Rev. of Hawtrey, Trade and Credit, – Ec. Journ., June 1929

Robertson, D. H. – Rev. of Hawtrey, Monetary Reconstruction – Ec. Journ., June 1923

Young, A. A. – Rev. of Hawtrey, Currency and Credit, Quart. Journ. Ec. May 1920

  1. Knapp’s Theory of Money [Return]

(Consult Library Card Catalog)

  1. Fisher’s Theory of Money [Return]

(Consult Library Card Catalog)

  1. Nature of Credit [Return]

MacLeod, H. D. – Theory of Credit

Mill, J. S. – Chapters on Credit

Steiner, W. H. – Money and Banking

Prendergast and Steiner – Credit and its Uses

Robertson, D. H. – Money

Keynes, J. M. – Treatise on Money

Hawtrey, R. G. – Art of Central Banking

Phillips, C. A. – Bank Credit

Currie, L. – Supply and Control of Money in the U.S.

V. INTERNATIONAL MONETARY RELATIONS AND POLICY

General References [Return]

Young, J. P. – International Trade and Finance

Westerfield, R. B. – Money, Credit and Banking

Thomas, R. G. – Modern Banking

Madden, J. T. and Nadler, M. – The International Money Market

Einzig, Paul – World Finance, 1914-35

  1. Pre-War and Post-War Gold Standards [Return]

Irons, W. H. – A Study of the Causes Underlying the International Gold Crisis

Gayer, A. D. – Monetary Policy and Economic Stabilization: A Study of the Gold Standard

Cassel, G. – Downfall of the Gold Standard

Morgan-Webb, Charles – The Rise and Fall of the Gold Standard

Puxley, H. L. – A Critique of the Gold Standard

  1. Great Britain’s Return to the Gold Standard in 1925 [Return]

Keynes, J. M. – Monetary Reform

Keynes, J. M. – Treatise on Money

Report of the Committee on Finance and Industry (MacMillan)

Cunliffe Report on British Currency

Hawtrey, R. G. – Gold Standard and Monetary Reconstruction

Gregory, T. E. – Gold Standard

Brown, W. A. – England and New Gold Standard

McVey, F. L. – Financial History of Great Britain, 1914-20

Bogart, E. L. – Direct and Indirect Costs of World War

Litman, S. – Prices and Price Control in Great Britain and the United States during the World War

Fraser, H. F. – Great Britain and Gold Standard

Benham, F. – British Monetary Policy

Harris, S. E. – Monetary Problems of the British Empire

Pethick-Lawrence, F. W. – This Gold Crisis

  1. Stabilization of the Lira [Return]

[No references given]

  1. France and the Gold Standard [Return]

Hawtrey, R. G. – French Monetary Policy

Hawtrey, R. G. – Art of Central Banking

Rogers, J. H. R. – Process of Inflation in France

Rogers, J. H. R. – America Weighs Her Gold

Final Gold Report of the League of Nations

Sollohub, W. A. – Depression in France – Harv. Bus. Rev., July 1933

Miller, H. E. – The Franc in War and Reconstruction – Quart. Journ. Ec. 1929

Dulles, E. – The French Franc, 1914-1929

Vineberg, P. F – The French Franc and the Gold Standard, 1926-36

The Franc in 1926 and 1927 – Economist (London) Oct. 8, 1937

Wynne, W. H. – France and the Franc – Canadian Banker, Oct. 1936

Readjustment of the Franc – Lloyd’s Bank Rev., Oct. 1936

  1. The Gold Bloc [Return]

[No references given]

  1. Causes and Consequences of England’s Departure from Gold [Return]

Harris, S. E. – Monetary Problems of the British Empire

Fraser, H. F. – Great Britain and the Gold Standard

League of Nations – Gold Reports

Royal Institute of International Affairs – Monetary Policy

Irons, W. H. – A Study of the Causes Underlying the International Gold Crisis

Cassel, G. – Downfall of the Gold Standard

  1. Methods of Return to the Gold Standard [Return]

Cassel, G. – Post-War Monetary Stabilization

Hawtrey, R. G. – Monetary Reconstruction

League of Nations – Genoa Conference and other annual publications

Gregory, T. E. – Gold Standard and Future

Fraser, H. F. – Great Britain and Gold Standard

International Labor Review – Great Britain and Gold Standard

Gregory – Barron’s Weekly, Aug. 28, 1933

Gold Reports of League of Nations

Sprague, O. M. W. – Pre-requisites to Monetary Stabilization – Foreign Affairs 1937

  1. Present Outlook for the Gold Standard [Return]

Einzig, P. – Will Gold Depreciate?

Einzig, P. – The Future of Gold

Gregory, T. E. – The Gold Standard and Its Future

Hansen, A. H. – Situation of Gold Today in Relation to World Currencies – American Ec. Rev., Suppl., Mar. 1937

Jones, J. H. – The Gold Standard – Econ. Journ., Dec. 1933

  1. Gold Exchange Standard [Return]

Edie, L. D. – Money, Bank Credit and Prices

Gold Reports of League of Nations

McMillan Report

Hawtrey, R. G. – Gold Standard

Hawtrey, R. G. – Monetary Reconstruction

Hawtrey, R. G. – Currency and Credit

Gregory, T. E. – First Year of Gold Standard

Robertson, D. H. – Money

Kemmerer, E. W. – Money

  1. Gold Movements Since the War [Return]

Royal Institute of Int. Affairs – Int. Gold Problems (bibliog)

League of Nations – Final Gold Report; other publications

Brown, W. A. – England and the Gold Standard

Reports of Director of Mint – U.S.

Federal Reserve Bulletins

Cassel, G. – Crisis in World’s Monetary System, 1932

Young, J. P. – European Currency and Finance, Commission of Gold and Silver Inquiry, U.S. Senate

Warren, G. F. – Some Statistics on the Gold Situation – Am. Ec. Rev. Suppl., Mar. 1934

  1. Gold Distribution and the Depression [Return]

Gayer, A. D. – Monetary Policy and Economic Stabilization

Phillips, C. A. – Banking and the Business Cycle

Bowen, H. – Gold Maldistribution – Am.Econ.Rev., Dec. 1936

  1. Is there a Gold Shortage? [Return]

Royal Institute of International Affairs – Monetary Policy and Depression

Gregory, T. E. – Gold Standard and its Future

League of Nations – Gold Reports

Mlynarski, F. J. – Gold and Central Banks

Rist – In “Current Economic Policies”

Warren and Pearson – Prices

Hardy, C. O. – Is There Enough Gold

Keynes, J. M. – The Supply of Gold – Econ. Journ., Sept. 1936

  1. Methods to Economize Gold [Return]

Niemeyer, O. – International Gold Problem (How to Economize Gold)

Gold Reports of League of Nations – Final and Interim

Keynes, J. M. – Treatise on Money

Hawtrey, R. G. – Monetary Reconstruction – Genoa Conference

Gayer, A. D. – Monetary Policy and Economic Stabilization

  1. Exchange Depreciation and World Recovery [Return]

Harris, S. E. – Exchange Depreciation

Eder, G. J. – Effect of Gold Price Changes on Prices for Other Commodities – Journ. Royal Stat. Assn., p. I, 1938

Malenbaum, W. – Power of Undervalued Currency – Rev. Ec.Stud., Feb. 1938

Edelberg, V. – Measuring Power of Under-valued Currency to Stimulate Exports – Rev.Ec.Studies, Oct. 1937

  1. Exchange Depreciation Experience of Japan [Return]

[No references given]

  1. Exchange Depreciation Experience of Sweden [Return]

[No references given]

  1. Exchange Depreciation Experience of Britain [Return]

Harris, S. E. – Exchange Depreciation

  1. Exchange Depreciation Experience of Australia [Return]

Copland, D. – Australia and the World Crisis, 1929-33

  1. Exchange Depreciation Experience of U.S. [Return]

Harris, S. E. – Exchange Depreciation

  1. Exchange Central [Return]

Exchange Restrictions in European Countries – circ. #421, Bureau of Foreign and Domestic Commerce

Einzig, P. – Exchange Control

Ohlin, B. – Mechanisms and Objectives of Exchange Control – Am. Ec. Rev. Suppl., March 1937

Williams, J. H. – Adequacy of Existing Currency Mechanisms – Am.Econ.Rev. Suppl., March 1937

  1. Sterling-Dollar-Franc Triangle [Return]

New York Times

Current Articles

  1. The “Gentlemen’s Agreement” [Return]

Spahr, W. E. – Tripartite Agreement – Annalist, Nov. 13, 1936

Warren, R. B. – The Gentlemen’s Agreement – Annalist, Nov. 13, 1936

  1. British Equalization Fund [Return]

Hall, N. F. – The Exchange Equalization Account

Harris, S. E. – Exchange Depreciation

The British Exchange Equalization Fund – 1935-7 – Economica, Aug. 1937

Crump, N. – Development of Exchange Funds – Lloyd’s Rank Monthly Rev., Jan. 1937

Paish, F. W. – The British Exchange Equalization Fund – Economica, Feb. 1935

Paish, F. W. – The British Exchange Equalization Fund – Economica, Feb. 1936

Comstock, A. – British Exchange Equalization Account – Am. Ec. Rev. Dec. 1933

  1. Gold Buying Policy and Devaluation [Return]

Fifty-cent dollars, etc. – Commercial and Finan. Chronicle, June 1, 1932

Incidence of Devaluation – Commercial and Finan. Chronicle, June 8, 1932

Hacker, L. M. – Short History of New Deal

Brown, et al. – Ec. of Recovery Program

Hubbard, J. B. – Current Economic Policy

Hardy, C. O. – Devaluation of the Dollar

Harris, S. E. – British and American Exchange Policy – Quart. Journ. Ec., May & Aug., 1934

Graham, F. O. – Journ. Amer. Statis. Assn., Sup. 1935, March

Edie, L. D. – Easy Money

Harris, S. E. – Exchange Depreciation

Eder, G. J. – Effect of Gold Price Change on Prices of Other Commodities, Jour. Royal Stat. Soc., part I, 1938

Woolfson, A. P. – Our Gold Policy and the Commodity Price Outlook – Bankers Mag., Aug. 1937

Whittlesey, C. R. – The Gold Dilemma – Quart. Journ. Ec., Aug. 1937

Silverstein, A. L. – American Devaluation: Prices and Export Trade – Am. Econ. Rev., June 1937

  1. Recent Silver Policy of the United States [Return]

Gregory, T. E. – Silver Situation, etc.

London Monetary and Economic Conference – agreements

Foreign Policy Assn. – Silver, its International Aspects (1931)

Deterding, H. W. A. – Silver and Foreign Debt Payments

Smith, G. A., Jr. – On Silver – Harv. Bus. Review 1934

Kreps – Silver and Chinese Purchasing Power

Leong, Y. S. – Silver (Brookings – 1934)

Elliston, H. – The Silver Problem – Foreign Affairs, April 1931

Willis, H. P. – Silver – New Republic, March 11, 1931

Westerfield, R. B. – Our Silver Debacle

Barbour, P. E. – America’s Silver Policy – Annalist Dec. 13, 1935

Berridge, W. A. – Some Facts Bearing on the Silver Program – Rev. Econ. Stat., Nov. 1934

Smith, G. A. – Silver: Its Status and Outlook – Harv. Bus. Rev., Oct. 1934

  1. Monetary Consequences of the Fall in the Price of Silver [Return]

Seyd – Fall in the Price of Silver

Nogaro – Modern Monetary Systems

Westerfield, R. B. – Our Silver Debacle

Leavens, D. H. – American Silver Policy in China – Harv. Bus. Rev. Autumn, 1935

Leavens, D. H. – Distribution of the World’s Silver – Rev. Ec. Stat. Nov. 1935

Wu, L. T. K. – China’s Monetary Dilemma – Far East Survey, Dec. 4, 1935

Spalding, W. F. – The Silver Problem as it Affects Mexico – Bankers’ Ins. Manag. Mag., June 1935

Berridge, W. A. – Some Facts Bearing on the Silver Program, Rev. Ec. Stat., Nov. 1934

Deterding, H. W. A. – Silver: Its International Position – Econ. Forum, June-July 1934

Kreps, T. J. – The Price of Silver and Chinese Purchasing Power – Quart. Journ. Ec. – Feb. 1934

  1. Flexible Parities [Return]

Meade, J. E. – Introduction to Economic Analysis and Policy

Hayek, F. – Monetary Nationalism and International Stability

British Monetary Policy – Economist (London) Oct. 24, 1936

Henderson, H. D. – Case Against Returning to Gold – Lloyd’s Bank Monthly Review – June 1935

Graham, F. D. and Whittlesey, C. R. – Fluctuating Exchange Rates, Foreign Trade and the Price Level – Am. Econ. Rev. – Sept. 1934

Whale, P. B. – Theory of International Trade – Economica – Feb. 1936

Williams, J. H. – Adequacy of Existing Currency Mechanisms, Am. Ec. Rev. Suppl. – March 1937

  1. Hot Money [Return]

Kindleberger, C. P. – International Short Term Capital Movements

Feiler, A. – International Movement of Capital – Amer. Econ. Rev. Suppl., Mar. 1935

  1. Exchange Rates Under Incontrovertible Paper [Return]

Cassel, G. – Money and Foreign Exchange After 1914

Angell, J. – Theory of International Prices

Nogaro – Modern Monetary Systems

Taussig, F. W. – International Trade

Whitaker – Foreign Exchange

Viner, J. – Studies in the Theory of International Trade

  1. Purchasing Power Parity vs. Balance of Payment Theory of the Determination of Exchange Rates [Return]

Cassel, G. – Econ. Journ., March 1916

Cassel, G. – Econ. Journ., Sept. 1916

Cassel, G. – Econ. Journ., Dec. 1918

Cassel, G. – Annals of Amer. Acad. Of Pol. And Soc. Science, Vol. 89, May 1920

Cassel, G. – Money and Foreign Exchange after 1914

Ellis – German Monetary Theory

Keynes, J. M. – Monetary Reform, p. 87 ff

Keynes, J. M. – Treatise on Money, ch. 5

Keilhau – Econ. Journ., 1925, pp. 221 ff

Angell, J. – Theory of International Prices

Nogaro – Modern Monetary System

Taussig, F. W. – International Trade

Bogen, J. I. – Money and Banking

Viner, J. – Studies in the Theory of International Trade

Kindleberger, C. P. – International Short Term Capital Movements

Graham, F. D. – Recent Movements in International Price Levels, and the Doctrine of Purchasing Power Parity – Journ. Am. Stat. Assn., Suppl., Mar. 1935

  1. International vs. National Objectives of Monetary Policy [Return]

Gayer, A. D. – Monetary Policy and Economic Stabilization

Hayek, F. – Monetary Nationalism and International Stability

  1. Measures of Over-valuation [Return]

Kindleberger, C. P. – International Short-Term Capital Movements

Whale, P. B. – Theory of International Trade – Economica, Feb. 1936

  1. The International Transfer of Purchasing Power [Return]

Einzig, P. – Foreign Balances

Kindleberger, C. P. – International Short-Term Capital Movements

Ohlin, B. – International and Interregional Trade

Taussig, F. W. – International Trade

Feiler, A. – International Movement of Capital – Am. Ec. Rev. Suppl. March 1935

Cassel, G. – International Payments under a System of Paper Currencies – Skon Kredit Quart. Rept., Oct. 1934

  1. The Forward Exchange Market [Return]

Einzig, P. – The Theory of Forward Exchange

Einzig, P. – Some Theoretico-Technical Aspects of Official Forward Exchange Operations – Econ. Journ. June 1938

Kindleberger, C. P. – International Short-Term Capital Movements

Keynes, J. M. – Tract of Monetary Reform

  1. Spreading the Gold Points and Short Term Capital Movements [Return]

[No references given]

  1. American Export of Capital since the War [Return]

League of Nations – Course and Phases of World Econ. Depression

Hansen, A. H. – Econ. Stabilization in Unbalanced World

Young, J. P. – International Financial Position of U.S.

Moon, P. T. – America as a Creditor Nation

Angell, J. – Financial Foreign Policies of U.S.

Angell, J. – Balance of Payments in U.S.

Taussig, F. W. – International Trade

League of Nations –Report of Gold Delegation

League of Nations – Stat. Yearbook

U.S. Dept. of Commerce – American Underwriting of Foreign Securities in 1929

Haberler, G. – International Trade

Kindleberger, C. P. – International Short-Term Capital Movements

Feiler, A. – International Movement of Capital – Am. Ec. Rev. Suppl. March 1935

  1. International Short Term Balances and the Depression [Return]

Einzig, P. – Foreign Balance

Kindleberger, C. P. – International Short-Term Capital Movements

  1. Tariff Policy and the Depression [Return]

Report of Committee of Inquiry into National Policy in International Economic Relations

  1. Bank of International Settlements [Return]

Dulles, E. L. – B. I. S. at work (1932)

Einzig, P. – Bank of International Settlement

Gideonse, H. R. – The International Bank

Steiner, W. H. – Money and Banking

Bank of International Settlement – Annual Reports

Traylor, M. – Bank of International Settlement Documents – First Natl. Bank, Chicago

Dulles, E. L. – Bank of International Settlement – Am. Ec. Rev. June 1938

Fraser, L. – The International Bank and Its Future – Foreign Affairs, April 1936

Keynes, J. M. – Report of the Bank of International Settlement – Econ. Journ., Sept. 1934

De Clery, A. R. – The Bank of International Settlement and the World Economic Crisis, Interparliamentary Bulletin, Nov. 1934

VI. MISCELLANEOUS

  1. War Finance [Return]

American Econ. Assn. – Report of Committee on War Finance

League of Nations –Currencies after the War

U.S. Senate – Comm. of Gold and Silver – Inquiry – European Currencies and Exchange

Grady, H. F. – British War Finance, 1914-1919

Nicholson, J. S. – War Finance

Harris, S. E. – Monetary Problems of British Empire

Graham, F. D. – Exchange, Prices and Production in Hyperinflation in Germany, 1920-23

Steiner, W. H. – Money and Banking

Hollander, J. B. – War Borrowing

Bogart, E. L. – War Costs and their Financing

Pigou, A. C. – Political Econom. of War

Smith, D. T. – Treasury Operations and Money Market

Hawtrey, R. G. – Currency and Credit

  1. The Reparations Controversy [Return]

Moulton, H. G. and Pasvolsky – War Debts and World Prosperity

Myers, D. P. – The Reparation Settlement

Steiner, W. H. – Money and Banking – 902 ff

Young, J. P. – International Trade and Finance

  1. War Debts [Return]

(same as No. 130)

  1. Fall of Prices: 1873-96 [Return]

Layton – Intro. To Study of Prices

Price, L. L. –Money and its Relation to Prices

Ransome and Mann – Future of Prices at Home and Abroad

Warren and Pearson – Prices

Kuznets, S. – Secular Movements in Production and Prices

League of Nations – Gold Reports

Peterson, J. and Peterson, O. S. – An Analysis of Price Behavior During Period 1855-1913

Mills, F. C. – Prices in Recession and Recovery

  1. Rise of Prices: 1896-1913 [Return]

(see no. 132)

Ashley, Gold and Prices (1912)

  1. Price Movement since the War [Return]

Mills, F. C. – Prices in Recession and Recovery

  1. Probable Future Trend of Prices [Return]

Ransome and Mann – Future of Prices at Home and Abroad

Warren and Pearson – Prices

Hayek, F. – Prod. and Prices

League of Nations – Gold Reports

Journal of Farm Econ., Jan. 1932 – Future of General Price Level

  1. Changes in the Value of Money and the Distribution of Wealth [Return]

Keynes, J. M. – Monetary Reform

Edie, L. D. – Money, Bank Credit and Prices

Fisher, I. – Stabilizing the Dollar

Robertson, D. H. – Money

Steiner, W. H. – Money and Banking (786-795)

Willis, H. P. – The Economics of Inflation

  1. Monetary and Financial Questions Raised by the Social Security Program [Return]

Hansen, A. H. and Murray, H. G. – A New Plan for Unemployment Reserves

Hansen, A. H. – Full Recovery or Stagnation

Hansen, A. H. et al. – Program for Unemployment Insurance Relief in U.S.

Beveridge, W. H. – Causes and Cures of Unemployment

Wolfenden, H. H. – Unemployment Funds: A Survey and Proposal

Woll, M. – Labor, Industry and Govt.

Achsner, E. H. – Social Ins. And Econ. Security

Heyman [?], E. – Unemployment Preventions and Relief

Douglas, P. H. and Director, A. – Problem of Unemployment

Slichter, S. H. – Making Booms Bear the Burden of Relief

*  *  *  *  *  *  *  *  *  *

Additional Thesis Subjects — Economics 41
  1. Monetary policy of neutral countries in war.
  2. War finance in Germany (Great Britain, France).
  3. Problems of war finance.
  4. Exchange rates and war.
  5. The international money proposal.
  6. Business cycle policy under the National Banking System.
  7. The Peel Banking Act of 1844.
  8. The crisis of 1837 (1857, 1873, 1897, 1907).
  9. War debts and reparations.
  10. Monetary aspects of the demand for colonies.
  11. Monetary aspects of recovery policy in Australia.
  12. Monetary controls in Germany (Sweden, Canada, Great Britain).

Image Source: Portraits of John Henry Williams and Seymour Edwin Harris from Harvard Class Album 1939. Enhanced by Economics in the Rear-view Mirror.