Harvard. Exams for Undergraduate and Graduate Money and Banking. Williams, 1932-33.

John Henry Williams taught the money and banking/monetary policy courses at Harvard over several decades. Material for more years will be transcribed soon! This post takes us to the trough of the Great Depression. Joseph Schumpeter and Lauchlin Currie joined in teaching the undergraduate course this one time.

 

Principles of Money and Banking (graduate course, 1946-47)

Economics 141a, Reading Assignments and Exam (co-taught with Alvin Hansen) 1946-47

Economics 141b, Reading Assignments and Exam (co-taught with Richard Goodwin) 1946-47

Economics 141, thirteen pages of general course bibliography, 1946-47

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Brief Undergraduate Course Description

[Economics] 3. Money, Banking, and Commercial Crises

Mon., Wed., Fri., at 2. Professor Williams.

The course will be conducted by means of lectures and discussions and (in the second half-year) a thesis based on work in the library. Certain subjects, such as the monetary and banking history of the United States, will be covered almost wholly by assigned reading.

Source: Division of History, Government, and Economics, containing an Announcement for 1932-33. Official Register of Harvard University, Vol XXVII, No. 51 (August 15, 1940), pp. 72, 81.

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Enrollment

[Economics] 3. Professor Williams and Schumpeter and Dr. Currie — Money, Banking, and Commercial Crises.

Total 151: 32 Seniors, 103 Juniors, 8 Sophomores, 1 Freshman, 7 Others.

Source: Harvard University. Report of the President of Harvard College, 1932-33, p. 65.

 

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1932-33
HARVARD UNIVERSITY

ECONOMICS 3

Money, Banking and Commercial Crises
Mid-year Examination, 1933

1. Combined Statement of the Federal Reserve Banks

($000,000 omitted)
	Sept. 1931	Feb. 1933	June 1932
Total Reserves	3371	3211	2844
Bills Discounted	328	828	440
Bills bought	469	109	67
U.S. Securities	742	740	1784
Other Federal Reserve Securities	39	31	19
Federal Reserve Notes	2098	2651	2795
Member Bank Deposits	2364	1849	1982
Government Deposits etc.	143	76	34

Discuss the significance of the changes in each of the above items between September, 1931, and February, 1932, and between February, 1932, and June, 1932. How do you account for the changes in member bank deposits with the reserve banks? What conclusions do you draw regarding Federal Reserve policy in the two periods covered by the above statement?

2. In how far do the Federal Reserve Act and Federal Reserve policy reveal an acceptance of the commercial loan theory of banking?
3. Trace the evolution of the bank note in (a) the United States, (b) England, (c) Germany or What are the merits and defects of our present system and how could it be improved?
4. Discuss one of the following:
   1. Burgess’ “Gold Paradox.”
   2. American Experience with bimetallism.

Source:  Harvard University Archives. Mid-year examinations, 1852-1943. Box 10. Folder “Mid-year examinations, 1932-1933.”

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1932-33
HARVARD UNIVERSITY

ECONOMICS 3

Money, Banking and Commercial Crises
Final Examination, 1933

1. Explain the equation . Can the course of business during the past five years be interpreted in terms of this equation?
2. “A managed standard is incompatible with a world standard.”
   “Avoidance of monetary disturbances can be achieved only under a managed standard.”
3. Compare the effects of
   1. Purchase of one billion dollars of securities b the Reserve Banks.
   2. Redemption of one billion dollars of government bonds by the issue of paper money.
   3. Reduction of the gold content of the dollar by one-hald.
   4. Adoption of bimetallism.
4. Can the concepts of demand and marginal utility be applied in an explanation of the value of money?
5. Is business stability compatible with stable prices? Compare the views of Foster and Catchings, Keynes and Hayek on this point.

Source: Harvard University Archives. Harvard Univ. Examination Papers. Finals, 1933. (HUC 7000.28) Volume 75. Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science. January-June, 1933.

 

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Brief Graduate Course Description

[Economics] 38. Principles of Money and Banking

Tu., Th., at 3, and a third hour at the pleasure of the instructor. Professor Williams.

This course is intended to afford training in analysis and research in the field of money and banking. The subject as a whole will be systematically reviewed. Selections from important writings dealing with monetary principles will be read and critically discussed. Particular attention will be given to the theory of the value of money and to the policy and operations of central banks.

Source: Division of History, Government, and Economics, containing an Announcement for 1932-33. Official Register of Harvard University, Vol XXVII, No. 51 (August 15, 1940), pp. 72, 81.

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Enrollment

[Economics] 38. Professor Williams and Schumpeter. — Principles of Money and Banking.

Total 61: 36 Graduates, 16 Seniors, 1 Juniors, 5 Radcliffe, 3 Others.

Source: Harvard University. Report of the President of Harvard College, 1932-33, p. 66.

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1932-33
HARVARD UNIVERSITY

ECONOMICS 38
Principles of Money and Banking
Mid-year Examination, 1933

[copy not yet recovered]

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1932-33
HARVARD UNIVERSITY

ECONOMICS 38
Principles of Money and Banking
Final Examination, 1933

1. Discuss “Hayek concludes…that the necessary condition of avoiding credit cycles is for the banking system to maintain the effective quantity of money…absolutely and forever unaltered.”
   Is this a correct interpretation of Hayek? Just what is involved, in the way of central bank action, in a “neutral” money policy? Would you favor such a policy?
2. Discuss:
   1. The concept of international equilibrium.
   2. The mechanism of adjustment of departures from equilibrium under conditions of gold standard.
   3. The relation of gold standard to central banking.
3. Discuss the effects of:
   1. A devaluation of the dollar relative to the pound sterling and the franc.
   2. An all-round devaluation of currencies.
   3. An all-round abandonment of the gold standard or of any other mechanism for providing stability of exchanges.
   4. The proposal to widen the zone between gold points to five per cent.

Source: Harvard University Archives. Harvard Univ. Examination Papers. Finals, 1933. (HUC 7000.28) Volume 75. Papers Printed for Final Examinations. History, History of Religions,…, Economics,…, Military Science, Naval Science. January-June, 1933.

Image Source:  John Henry Williams in the Harvard Album, 1932.