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Harvard. Money And Banking. Readings and Exams. Williams and Hansen, 1947-48

 

The graduate course for Keynesian economics at Harvard in the 1940s was Principles of Money and Banking taught by Alvin H. Hansen and John H. Williams. Course materials for 1946-47 were transcribed and posted earlier [Fall term 1946; Spring term 1947; General course bibliography]. Almost all of the exam questions for 1947-48 are new. The Spring term of 1948 taught by John  Williams turns out to be unchanged from the previous year. The Fall term of 1947 taught by Alvin Hansen does show some minor rearrangements, and significant additions (e.g. Tobin on liquidity preference).

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Course Enrollment
1947-48

[Economics] 141a. Professors Williams and Hansen. — Principles of Money and Banking (F).

Total 81: 47 Graduates, 1 Senior, 20 Public Administration, 4 Business, 9 Radcliffe.

 

[Economics] 141b. Professors Williams and Hansen. — Principles of Money and Banking (Sp).

Total 70: 41 Graduates, 2 Juniors, 20 Public Administration, 2 Business, 5 Radcliffe.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1947-48, p. 91.

 

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ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING

 

Economics 141a — First Semester, 1947-8 (Professor Hansen)

  1. Central Banking: Current Problems and Policies
  2. Theory of Money, Liquidity-Preference, Interest and Prices

 

Economics 141b — Second Semester, 1947-8 (Professor Williams)

  1. International Monetary Equilibrium
  2. Monetary and Fiscal Policy

 

READING LIST FOR ECONOMICS 141a
Principles of Money and Banking
1947-1948

 

Note: Pre-requisite reading (for those who are deficient in undergraduate preparation in Money and Banking:

  1. Banking Studies, Board of Governors, Federal Reserve System, (1941).
  2. Southard, F. A., Foreign Exchange Practice and Policy, (McGraw-Hill, 1940).
  3. Any one standard textbook in Money and Banking, such as: Thomas, Our Modern Banking and Monetary System, (Prentice-Hall, 1942); or Reed, Money, Currency and Banking, (McGraw-Hill, 1942).

 

  1. Central Banking: Current Problems and Policies.
    1. Minimum Reading List:
      1. Books and Pamphlets:
        1. International Currency Experience (League of Nations, 1944), Chapters I-IV, pp. 7-112.
        2. World Economic Survey, 1942-44 (League of Nations, 1945), Chapter IV “Finance and Banking” (pp. 173-213).
        3. Ellis, H. S., (in Harris: Economic Reconstruction, McGraw-Hill, 1945), Chapter 13, “Central and Commercial Banking in Postwar Finance” (pp. 237-252).
        4. Hansen, Alvin H., America’s Role in the World Economy (Norton, 1945), Chapter XVII, “Gold, Exports and Liquidity” (pp. 144-157).
        5. Harris, S. E., Inflation and the American Economy (McGraw-Hill, 1945), Chapter XXIV, “Money and Savings” (pp. 372-383).
        6. Hawtrey, R. G., The Art of Central Banking (Longmans, 1933) pp. 116-207.
        7. Keynes, J. M., Treatise on Money, Volume II, Chapters 25, 32, 33, (pp. 49-78; 225-278).
        8. Robertson, D. H., Essays in Monetary Theory (King, 1940), Chapter II, “Theories of Banking Policy” (pp. 39-59); Chapter XII, “British Monetary Policy” (pp. 154-167).
        9. Williams, John H., Postwar Monetary Plans (Knopf, second edition, 1945), Chapter 6, “The Banking Act of 1935” (pp. 112-129); Chapter 8, “The Crisis of the Gold Standard” (pp. 154-172); Chapter 9, “Monetary Stability and the Gold Standard” (pp. 172-190).
        10. Financing American Prosperity (Twentieth Century Fund, 1945):
          1. Ellis, H. S., “Monetary Controls and the Business of Banking” (pp. 140-153).
          2. Williams, John H., “Money and Banking” (pp. 381-5).
        11. Postwar Economic Studies, No. 3 (Board of Governors, Federal Reserve System, 1945): Wallich, H. C., “Public Debt and Income Flow” (pp. 84-100).
        12. Hansen, Alvin H., Economic Policy and Full Employment, Chapters 20 and 22 (pp. 233-247; 261-288).
      2. Reports and Articles:
        1. Treasury Bulletin, April, 1946, “Federal War-time Financing and Growth of Liquid Assets”, pp. A11-20.
        2. Federal Reserve Bulletins:
          1. July, 1947, “Debt Retirement” (pp. 775-87); “Consumer Incomes and Liquid Assets” (pp. 788-802); “International Monetary and Financial Problems” (pp. 836-850).
          2. April, 1947, “Economic Survey of the United Kingdom” (pp. 367-391); “Annual Report of the Bank of Canada” (pp. 392-97); “Monetization of Public Debt by Banks” (pp. 402-04).
          3. “Estimated Liquid Assets of Individuals and Business”, November, 1946, pp. 1236-37; June, 1947, pp. 689-91.
        3. Annual Reports of Board of Governors, Federal Reserve System:
          1. Thirty-second Report (for the year 1945) pp. 1-15.
          2. Thirty-third Report (for the year 1946) pp. 1-49.
        4. Bopp, K. R., “Central Banking at the Crossroads”, Supplement, American Economic Review, March 1944 (pp. 260-77).
        5. Samuelson, Paul, “The Effect of Interest Rate Increases on the Banking System”, American Economic Review, March 1945.
        6. Seligman, H. L., “The Problem of Excessive Commercial Bank Earnings”, Quarterly Journal of Economics, May 1946.
        7. Whittlesey, C. R., “Federal Reserve Policy in Transition”, Quarterly Journal of Economics, May 1946.
    2. Supplementary Reading List:
      1. Books
        1. Arndt, H. W., The Economic Lessons of the Nineteen Thirties, (Oxford, 1944).
        2. Coulborn, W, A. L., An Introduction to Money, (Longmans, 1938) Chapters 5, 13-14 (pp. 48-64, 209-241).
        3. Fisher, Irving, 100 Per Cent Money, (Adelphi, 1935; Third Edition City Printing Co., New Haven, 1945).
        4. Johnson, G. G., The Treasury and Monetary Policy, (Harvard 1939), Chapter I-V (pp. 3-160)
        5. Hawtrey, R. G., The Gold Standard in Theory and Practice (Longmans, Fourth Edition, 1939).
        6. Hawtrey, R. G., A Century of Bank Rate. (Longmans, 1938).
        7. Lewinski, J., Money, Credit and Prices, (King, 1929) Chapters IV-V (pp. 99-144).
        8. McCracken, Paul W., The Future of Northwest Bank Deposits, Federal Reserve Bank, Minneapolis, 1946.
        9. Mints, L. W., A History of Banking Theory (Chicago, 1945), Chapters VI and X (pp. 74-100; 178-197).
        10. Morgan, E. V., The Theory and Practice of Central Banking, (Macmillan, 1943).
        11. Niebyl, Karl H., Studies in the Classical Theories of Money, (Columbia, 1946).
        12. Sayers, R. S., Modern Banking, (Oxford, 1938), Chapters 4-5 (pp. 70-145).
        13. Viner, J. Studies in the Theory of International Trade, (Harper, 1937), Chapter V, “English Currency Controversies” (pp. 218-289).
        14. Wernette, P., Financing Full Employment, (Harvard, 1945), Chapter 3 (pp. 33-61).
        15. Macmillan Report, Royal Commission in Industry and Commerce, Cmd. 3897 (1931) pp. 2-45; 106-160.
      2. Articles
        1. Abbott, C. C. (Review articles on Financing Problems and Bank Liquidity), Review of Economic Statistics, February 1946 (pp. 48-51).
        2. Abbott, C. C., “Management of the Federal Debt”, Harvard Business Review, Autumn 1945.
        3. Goldenweiser, E. A., “Commercial Banking After the War”, Federal Reserve Bulletin, September 1944.
        4. Seltzer, Lawrence, “Is a Rise in Interest Rates Desirable or Inevitable?”, American Economic Review, December 1945.
        5. Treasury Bulletin, April 1946, “Federal War-time Financing and the Growth of Liquid Assets”.
        6. Keynes, J. M., “The Objective of International Price Stability”, Economic Journal, June-September 1943.
    3. General Reference Reading (see below).

 

  1. Theory of Money, Liquidity Preference, Interest and Prices.
    1. Minimum Reading List:
      1. Books:
        1. Fellner, William, Monetary Policies and Full Employment, Chapter 6, (pp. 174-209).
        2. Hansen, Alvin H.:
          1. Economic Policy and Full Employment, Chapters 12, 13, 18, 19 and 21, (pp. 145-160; 202-232; 248-260).
          2. Fiscal Policy and Business Cycles, (Norton, 1941), Chapters 1-5; 11-15; (pp. 13-105; 225-338).
          3. Full Recovery or Stagnation, (Norton, 1938), Chapter 3 (pp. 59-87); Appendix, pp. 331-343.
        3. Hayek, F. A., Prices and Production, (Routledge, 1935), Chapters 1 and 4 (pp. 1-31; 105-128).
        4. Keynes, J. M., Monetary Reform, (Harcourt, 1924), pp. 81-95; 152-191.
        5. Keynes, J. M., A Treatise on Money, (Harcourt, 1930), Chapters 9-13 and 30 (Volume I, pp. 123-220; Volume II, pp. 148-208).
        6. Keynes, J. M., General Theory of Employment, Interest and Money, (Harcourt, 1936), pp. 3-45; 61-65; 74-221; 245-271; 292-332; 372-384.
        7. Klein, Lawrence, The Keynesian Revolution, Chapters 1-3, (pp. 1-90).
        8. Marget, Arthur W., The Theory of Prices, Volume I, (Prentice-Hall, 1938), Chapters 12 and 15 (pp. 302-343, 414-459, and large type sections).
        9. Marget, Arthur W., The Theory of Prices, Volume II, (Prentice-Hall, 1942), Chapter 3 (pp. 89-133, large type sections).
        10. Marshall, A., Money, Credit and Commerce, (Book I, Chapter XX, pp. 38-50.
        11. Robertson, D. H., Essays in Monetary Theory, (King, 1940), Chapters 1, 6, 11 (pp. 1-38; 92-7; 113-153).
        12. Schumpeter, J. A., Business Cycles, (McGraw-Hill, 1939), Volume II, Chapter 8, (pp. 449-482).
        13. Wicksell, K., Interest and Prices, (Macmillan, 1936), Introduction by Bertil Ohlin; also author’s Preface; Chapters 5, 7-8, 11 (pp. 38-50; 81-121; 165-177).
        14. Wicksell, K., Money: Lectures on Political Economy, Volume II, (Macmillan, 1935), Chapter IV (pp. 127-228).
        15. Wright, David McC., The Creation of Purchasing Power, (Harvard, 1939), Chapters 4-6 (pp. 60-121).
        16. Macmillan Report, Royal Commission on Finance and Industry, Cmd. 3897 (1931), Part I, Chapter 11 (pp. 92-105).
      2. Articles:
        1. Clark, Colin, “Public Finances and Changes in the Value of Money”, Economic Journal, December 1945.
        2. Hicks, J. R., “Mr. Keynes and the Classics: A Suggested Interpretation”, Econometrica, April 1937.
        3. Hawtrey, R. G. and Hicks, J. R., “Interest and Bank Rate”, The Manchester School of Economic and Social Studies, October 1939.
        4. Harrod, Hansen, Haberler, and Schumpeter, “Keynes’ Contribution to Economics”, Review of Economic Statistics, November, 1946.
        5. Keynes, J. M., “Relative Movement of Real Wages and Output”, Economic Journal, March 1939.
        6. Lange, O., “The Rate of Interest and the Optimum Propensity to Consume”, Economica, February 1938.
        7. Lerner, A. P., “Interest Theory: Supply and Demand for Loans or Supply and Demand for Cash”, Review of Economic Statistics, May 1944.
        8. Mints, Hansen, Ellis, Lerner, Kalecki, “A Symposium on Fiscal and Monetary Policy”, Review of Economic Statistics, May 1946.
        9. Modigliani, F., “Liquidity Preferences and the Theory of Interest and Money”, Econometrica, January 1944.
        10. Simons, H. C., “Debt Policy and Banking Policy”, Review of Economic Statistics, May 1946.
        11. Tobin, James, “Liquidity Preference and Monetary Policy”, The Review of Economic Statistics, May 1947.
    2. Supplementary Reading List:
      1. Books:
        1. Adarkar, B. P., The Theory of Monetary Policy, (King, 1935), Chapter 1-8; 13-15 (pp. 3-52; 101-122).
        2. Chandler, L. V., An Introduction to Monetary Theory (Harper, 1940), pp. 1-205.
        3. Coulborn, W. A. L., An Introduction to Money, (Longmans, 1938), Chapters 6-8; 15-16 (pp. 65-116; 242-264).
        4. Haberler, G., Prosperity and Depression (1939) Chapters 8, 13 (pp. 168-254; 455-507).
        5. Hicks, J. R., Value and Capital, Chapters 12-13.
        6. Lindahl, Erik, Studies in the Theory of Money and Capital, (Allen and Unwin, 1939), Part II, Chapters 4-6, (pp. 199-268).
        7. Myrdal, Gunnar, Monetary Equilibrium, (Hodge, 1939), Chapters 1-3 (pp. 1-48).
        8. Polanyi, M. Full Employment and Free Trade, (Cambridge Univ. Press, 1945), Chapters 1, 4, (pp. 1-66; 87-103).
        9. Robertson, D. H., Money (Harcourt, 1929) Chapters 2-4; 7-8.
        10. Sayers, R. S., Modern Banking. (Oxford, 1938), Chapter 6 (pp. 146-164).
        11. Thomas, Brindley, Monetary Policy and Crises, (Routledge, 1936), Chapters 3-4 (pp. 62-156).
      2. Articles:
        1. Lange, O., “Economic Controls After the War,” Political Science Quarterly, March 1945.
        2. Lerner, A. P., “Alternative Formulations of the Theory of Interest”, Economic Journal, June 1938.
        3. Lerner, A. P., “Ex Ante Analysis and Wage Theory”, Economica, November 1939.
        4. Lerner, A. P., “Some Swedish Stepping Stones in Economic Theory”, Canadian Journal of Economics and Political Science, November 1940.
        5. Marschak, J., “Wicksell’s Two Interest Rates”, Social Research, November 1941.
        6. Simons, H. C., “On Debt Policy”, Journal of Political Economy, June 1945.
        7. Warburton, Clark, “The Volume of Money and the Price Level Between the World Wars”, Journal of Political Economy, June 1945.
        8. a. Warburton, Clark, “The Monetary Theory of Deficit Financing”, Review of Economic Statistics, May 1945.
          b. Arndt, H. W., “The Monetary Theory of Deficit Financing; A Comment”, Review of Economic Statistics, May 1946.
        9. Bean and others, “Five Views on the Consumption Function”, Review of Economic Statistics, November, 1946.
    3. General Reference Reading (see below).

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1947-48 (2 of 2)”.

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Mid-year Exam

1947-48
HARVARD UNIVERSITY
ECONOMICS 141a

Part A. Write on one question only.

  1. Write an essay on Federal war-time financing including a discussion of:
    1. The role played by (a) the Federal Reserve Banks, (b) the commercial banks.
    2. The impact on (a) the money supply, (b) the liquid assets, (c) member bank reserves, (d) currency in circulation, (e) the rate of interest.
  2. Discuss major problems currently confronting the Federal Reserve System including an appraisal of various proposals to deal with these problems.

Part B. Write on any three questions.

  1. Write an essay (historical and analytical) on the relation of the money supply to the national income. In this connection discuss: (a) the Quantity Theory (b) the Marshallian “k” and (c) the Keynesian liquidity preference functions.
  2. Using the diagrams and analysis of Hicks and Keynes, discuss the role of (a) the schedule of the marginal efficiency of capital (b) the consumption function (c) the liquidity preference function and (d) the quantity of money, as determinants of the rate of interest and of income.
  3. State precisely the conditions (in particular including the relevant functions and their interest-elasticities) under which Monetary Policy alone, or Fiscal Policy alone (without either being supplemented by the other) may be (a) fully effective, (b) wholly ineffective, in raising income.
  4. Write an essay on the “theory of prices” including a discussion of money, income, wage and cost functions; in particular make use of the Keynesian analysis contained in the General Theory, Book V. (Money, Wages, and Prices.)
  5. Write an essay on any one of the following:
    1. International Currency Experience (League of Nations).
    2. Hawtrey, The Art of Central Banking.
    3. Keynes: Treatise on Money.
    4. Robertson: Essays on Monetary Theory.
    5. Williams, Postwar Monetary Plans.
    6. Klein, The Keynesian Revolution.
    7. Wicksell: Interest and Prices.

Note: You will be expected to write on 4 questions (one from part A and three from Part B.

Final. January, 1948.

 

Source: Harvard University Archives. Harvard University Final Examinations 1853-2001. Box 15. Papers Printed for Final Examinations: History, History of Religions…, Economics, … , Military Science, Naval Science, January, 1948.

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 SECOND SEMESTER
ECONOMICS 141b: PRINCIPLES OF MONEY AND BANKING

  1. International Monetary Equilibrium:
    1. Cassel, G., The Downfall of the Gold Standard (1936).
    2. Copland, Douglas, Australia in the World Crisis (1934).
    3. Ellis, H. S., Exchange Control in Central Europe (1941).
    4. Graham and Whittlesey, Golden Avalanche (1939).
    5. Hall, M. F., The Exchange Equalization Account (1935).
    6. Hahn, George, International Monetary Cooperation (1945).
    7. Hansen, Alvin, H., America’s Role in the World Economy (1945).
    8. Hardy, C. O., Is There Enough Gold (1936).
    9. Harris, S. E., Exchange Depreciation (1936).
    10. Harris, S.E., Economic Problems of Latin America (1944).
    11. Iverson, Carl, International Capital Movements (1936).
    12. Kindelberger, C. P., International Short-term Capital Movements (1937).
    13. League of Nations, Final Report on Gold (1932).
    14. League of Nations, Economic Fluctuations in the United States and the United Kingdom, 1918-22 (1942).
    15. Nurkse, R., International Currency Experience (1944).
    16. Warren and Pearson, (a) Gold and Prices (1935);
      (b) World Prices and the Building Industry (1937).
    17. Williams, John H., Postwar Monetary Plans (Second Edition, 1945)
  2. Monetary and Fiscal Policy:
    1. Beveridge, Sir William, Full Employment in a Free Society (1945).
    2. British White Paper on “Employment Policy” (1944).
    3. de Chazeau, Hart, and Others, Jobs and Markets (1946).
    4. Economics of Full Employment. Six Oxford Economists (1945).
    5. Fellner, W., Monetary Policies and Full Employment (1946).
    6. Financing American Prosperity, Twentieth Century Fund (1945).
    7. Groves, H. M., (a) Production, Jobs and Taxes (1944).
      (b) Postwar Taxation and Economic Progress (1946).
    8. Hansen, Alvin, H., Economic Policy and Full Employment (1946).
    9. Harris, S. E., Postwar Economic Problems (1943).
    10. Harris, S. E., Economic Reconstruction (1945).
    11. Hayes, H. Gordon, Spending, Saving and Employment (1945).
    12. League of Nations: Anti-Depression Policy (1945).
    13. Langum, John K., Postwar Banking Problems (1946).
    14. Postwar Economic Studies No. 3, Public Finance and Full Employment (1945).
    15. Postwar Economic Studies No. 8, Federal Reserve Policy (1946).
    16. Ruml and Sonne, Fiscal and Monetary Policy (1944).
    17. Terborgh, George, The Bogey of Economic Maturity (1945).
    18. Williams, John H. Postwar Monetary Plans (Second Edition, 1945), Chapters 4, 5.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1947-48 (2 of 2)”.

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Year-end Exam

1947-48
HARVARD UNIVERSITY
ECONOMICS 141b
PRINCIPLES OF MONEY AND BANKING

(Three hours)

Discuss one question in each part.

I

  1. Your own appraisal of Keynes’ “General Theory.”
  2. The role of money in Keynes’ “General Theory”.

II

  1. Postwar Federal reserve policy.
  2. The secondary (government security) reserve proposal.

III

  1. International monetary and trade adjustment in the postwar world.
  2. Harrod’s “Are These Hardships Necessary?”
  3. The franc devaluation.

 

Final. May, 1948.

Source: Harvard University Archives. Harvard University Final Examinations 1853-2001. Box 14. Papers Printed for Final Examinations: History, History of Religions…, Economics, … , Military Science, Naval Science, May, 1947.

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 ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING
GENERAL REFERENCE READING
[13 pages!]

Has been transcribed and posted with the material for 1946-47.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1946-47 (2 of 2)”.

Image Source: Alvin H. Hansen and John H. Williams in Harvard Class Album 1942.

 

 

 

 

Categories
Fields Harvard

Harvard. Economics Ph.D. Candidates’ General/Special Examination Fields, Committees. 1918-19

 

 

For nine Harvard economics Ph.D. candidates this posting provides information about their respective academic backgrounds, the six subjects of their general examinations along with the names of the examiners, their special subject, thesis title and advisor(s) (where available).

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DIVISION OF HISTORY, GOVERNMENT, AND ECONOMICS
EXAMINATIONS FOR THE DEGREE OF PH.D.
1918-19

Notice of hour and place will be sent out three days in advance of each examination.
The hour will ordinarily be 4 p.m.

Chungtao Tahmy Chu.

General Examination in Economics, Thursday, November 14, 1918.
Committee: Professors Bullock (chairman), Whipple, Carver, Persons, and Dr. Lincoln.
Academic History: Harvard College, 1914-17; Harvard Graduate School, 1917—. A.B., 1917. Assistant in Economics, 1917-18.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1760. 3. Statistical Method and its Application. 4. Money and Banking. 5. Municipal Government. 6. Public Finance.
Special Subject: Public Finance.
Thesis Subject: “Taxation of Salt.”

John Henry Williams.

Special Examination in Economics, Friday, November 15, 1918.
General Examination passed May 7, 1917.
Academic History: Brown University, 1909-12; Harvard Graduate School, 1915-17. A.B., Brown, 1912; A.M., Harvard, 1916; Instructor in English, Brown University, 1912-15. Sheldon Travelling fellow in Argentina, 1917-18. Instructor in Economics 1918-19.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Public Finance. 4. Labor Problems. 5. History of Political Theory. 6. International Trade and Tariff Policy.
Special Subject: International Trade.
Committee: Professors Taussig (chairman), Bullock, Carver, and Dr. Persons.
Thesis Subject: “Argentine International Trade Under Inconvertible Paper Money, 1880-1900.”
Committee on Thesis: Professors Bullock, Taussig, and Carver.

Norman John Silberling.

Special Examination in Economics, Monday, May 12, 1919.
General Examination passed November 6, 1916.
Academic History: Harvard College, 1910-14; Harvard Graduate School, 1914—. A.B., 1914; A.M., 1915. Assistant in Economics, 1915-17.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Statistical Method and its Application. 4. Social Reforms. 5. Sociology. 6. Psychology.
Special Subject: Money and Banking.
Committee: Professors Bullock (chairman), Carver, Day, Langfeld, Dr. Persons, and Dr. Lincoln.
Thesis Subject: “A History of British Theories of Money and Credit, 1776-1848.”
Committee on Thesis: Professors Bullock, Day, and Dr. Monroe.

Joseph Lyons Snider.

General Examination in Economics, Wednesday, May 14, 1919.
Committee: Professors Carver (chairman), Ripley, Foerster, Burbank, and Dr. Persons.
Academic History: Amherst College, 1911-15; Harvard, February 1917—. A.B., Amherst College, 1915; A.M., Harvard, 1918. Assistant in Public Speaking, Amherst, 1915-16; assistant in Social Ethics, Harvard, 1917-19; instructor in Radcliffe College and Wellesley College, 1918-19.
General Subjects: 1. Ethical Theory. 2. Economic Theory. 3. Poor Relief. 4. Social Reforms. 5. Sociology. 6. Statistics.
Special Subject: Sociology.
Thesis Subject: “Feeble-mindedness in Massachusetts.” (With Professor Carver.)

Benjamin Walter King.

General Examination in Economics, Friday, May 16, 1919.
Committee: Professors Bullock (chairman), Ripley, McIlwain, Day, Dr. Persons, and Dr. Lincoln.
Academic History: West Virginia University, 1904-09; University of Chicago, 1912-13; Harvard Graduate School, 1915-17, 1918—. A.B., West Virginia University, 1909; A.M., Harvard, 1917. Assistant in Economics, 1917.
General Subjects: 1. Economic Theory and its History. 2. History of Political Theory. 3. Economics of Corporations. 4. Economic History since 1750. 5. Railways. 6. Statistical Method and its Application.
Special Subject: Statistical Method and its Application.
Thesis Subject: “Inquiry into Prices.” (With Dr. Persons.)

Robert Herbert Loomis.

General Examination in Economics, Tuesday, May 20, 1919.
Committee: Professors Ripley (chairman), Bullock, Carver, Dr. Hooton, and Dr. Persons.
Academic History: Clark College, 1908-11; Harvard Graduate School, 1914-18. A.B., Clark, 1911; A.M., Harvard, 1918. Teacher, Fay School, Southboro, 1912-14; Assistant in Social Ethics, 1915-16; Tutor in the Division of History, Government, and Economics, 1916-17. Instructor in Economics, Simmons College, 1918-19.
General Subjects: 1. Economic Theory and its History. 2. Statistical Method and its Application. 3. Labor Problems. 4. Socialism and Social Reform. 5. Anthropology. 6. Economic History since 1750.
Special Subject: Economic History since 1750.
Thesis Subject: “Development of the Boot and Shoe Industry in Massachusetts since 1875.” (With Professor Gay.)

Duncan Clark Hyde.

General Examination in Economics, Tuesday, May 27, 1919.
Committee: Professors Bullock (chairman), Carver, McIlwain, Day, Dr. Persons, and Dr. Lincoln.
Academic History: McGill University, 1913-17; Harvard Graduate School, 1917—. A.B., McGill, 1917; A.M., Harvard, 1918.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Statistical Method and its Application. 4. Sociology. 5. History of Political Theory. 6. Public Finance.
Special Subject: Public Finance.
Thesis Subject: “Canadian War Finance.” (With Professor Bullock.)

Wilfred Eldred.

Special Examination in Economics, Thursday, May 29, 1919.
General Examination passed April 29, 1912.
Academic History: Washington and Lee University, 1906-09; Harvard Graduate School, 1910-14. A.B., Washington and Lee, 1909; A.M., ibid., 1909; A.M., Harvard, 1911. Instructor in Economics, 1912-14. Instructor in History and Economics, San Diego High School and Junior College, 1914-15. Instructor in Economics, Leland Stanford Junior University, 1915-17.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Public Finance and Financial History. 4. Money, Banking, and Crises. 5. Transportation and Foreign Commerce. 6. History of American Institutions.
Special Subject: Economic History of the United States.
Committee: Professors Carver (chairman), Hart, Bullock, Ripley, and Dr. Monroe.
Thesis Subject: “The Wheat and Flour Trade Under Food Administration Control.” (With Professor Carver.)
Committee on Thesis: Professors Carver, Ripley, and Burbank.

Martin Gustave Glaeser.

General Examination in Economics, Saturday, May 31, 1919.
Committee: Professors Ripley (chairman), Bullock, Carver, McIlwain, Foerster, and Dr. Lincoln.
Academic History: University of Wisconsin, 1906-07, 1908-11, 1913-17. A.B., 1912. Assistant in Business Extension Division, University of Wisconsin, 1910-11. Special lecturer in Public Finance, University of Wisconsin, 1917.
General Subjects: 1. Economic Theory and its History. 2. Economic History since 1750. 3. Economics of Corporations. 4. Labor Problems. 5. History of Political Theory. 6. Transportation.
Special Subject: Transportation.
Thesis Subject: “The Cost of Service Theory in Rate Regulation.” (With Professor Ripley.)

Source: Harvard University Archives. Harvard University, Examinations for the Ph.D. (HUC 7000.70), Folder “Examinations for the Ph.D., 1918-19”.

Image Source: Dedication of the Widener Memorial Library, 1915.  Library of Congress Prints and Photographs Division Washington, DC.

 

Categories
Bibliography Harvard

Harvard. General Bibliography for Hansen and Williams’ Money and Banking, 1946-47

 

Today’s post is the last of three devoted to the year long graduate sequence “Principles of Money and Banking” taught by Alvin H. Hansen, John H. Williams, and Richard M. Goodwin (second semester) at Harvard in 1946-47. 

The thirteen typed pages (!) of “General Reference Reading” for both semesters has been transcribed below.

The first post includes Hansen’s first semester’s list of readings and final examination (Econ 141a) and course enrollments in each semester. The previous post provides Williams’ second semester reading list along with its final examination.

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ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING

GENERAL REFERENCE READING

(Books listed in minimum and supplementary reading lists are not included here.)

Books:

Allen, A. M. and others: Commercial Banking Legislation and Control. Macmillan, 1938.

Angell, J. W.: Behavior of Money. McGraw-Hill, 1935.

Angell, J. W.: Investment and Business Cycles. McGraw-Hill, 1941.

Bladen, V. F.: Money and the Price System. Univ. of Toronto Press, 1942.

Board of Governors, Federal Reserve System: Annual Reports.

Bresciani-Turroni, C,: The Economics of Inflation. Allen and Unwin, 1937.

Bretterton and others: Public Investment and the Trade Cycle in G. B. Clarenden Press, 1941.

Burgess, W. R.: The Reserve Banks and the Money Market. Harpers, 1936.

Butters and Lintner: Effect of Federal Taxes in Growing Enterprises. Harvard University Press, 1945.

Cassel, G.: On Quantitative Thinking in Economics. Clarendon Press, 1935.

Cassel, G.: Money and Foreign Exchange after 1914. Macmillan, 1923.

Clapham, Sir John: The Bank of England, Cambridge University Press, 1944.

Clark, Colin: National Income and Outlay. Macmillan, 1938.

Clark, Colin: The Conditions of Economic Progress, 1940.

Clark, Colin: The Economics of 1960. Macmillan, 1942.

Clark, J. M.: Economics of Planning Public Works. Gov’t. Printing Office, 1935.

Clark, J. M.: Strategic Factors in the Business Cycle. National Bureau of Economic Research, 1934.

Cole, G. D. H.: Money: Its Present and Future. Cassell and Co., 1944.

Committee on Finance and Industry: Macmillan Report. H.M.S.C., 1931.

Copland, D. B.: The Road to High Employment. Harvard University Press, 1945.

Currie, L.: Supply and Control of Money in the United States. Harvard University Press, 1934.

Docker, F. J.: Foreign Exchange, 1939.

Economic Essays in Honour of Gusav Cassel. Allen and Unwin, 1933.

Economic Reconstruction. Report of Columbia Commission, Columbia University Press, 1934.

Einzig, Paul: World Finance, 1939-40. Kegan, Paul, 1940.

Ellis, H. S.: German Monetary Theory. Harvard University Press, 1934.

Ellis, H. S.: Exchange Control in Central Europe. Harvard University Press, 1941.

Ellis, P. W.: The World’s Biggest Business. American Public Spending, 1914-44, National Industrial Conference Board, 1944.

Fellner, W. A.: A Treatise on War Inflation. Berkeley: University of California Press, 1942.

Fine, S. M.: Public Spending and Postwar Economic policy. Columbia University Press, 1944.

Fisher, Irving: Purchasing Power of Money. Macmillan, 1911.

Foster and Catchings: Money. Houghton, Mifflin, 1930.

Foster and Catchings: Profits. Houghton, Mifflin, 1925.

Gilbert, Milton: Currency Depreciation and Monetary Policy. University of Pennsylvania Press, 1939.

Goldschmidt, R. W.: The Changing Structure of American Banking, Routledge, 1933.

Graham, F. D.: Exchange, Prices and Production in Hyper-Inflation: Germany, 1920-1923. Princeton University Press, 1930.

Hamilton, E. J.: American Treasure and the Price Revolution in Spain. Harvard University Press, 1934.

Hansen, Alvin H.: Economic Stabilization in an Unbalanced World. Harcourt, Brace, 1932. Part I.

Hansen, Alvin H.: International Economic Relations, Part III. Hutchins Commission, University of Minnesota Press, 1934.

Hansen, Alvin H.: (a) Fiscal Policy and Full Employment, N. Y. University Institute in Postwar Reconstruction, 1946. (b) How Shall We Deal with the Public Debt? N. Y. University Institute in Postwar Reconstruction, 1943.

Hansen, A. H., and Perloff, H. S.: State and Local Finance in the National Economy, Norton, 1944.

Hardy, C. O.: Credit Policies of the Federal Reserve System. Brookings, 1932.

Harris Institute Lectures: Gold and MonetaryStabilization. University of Chicago Press, 1932.

Harris, S. E.: The Assignats. Harvard University Press, 1930.

Harris, S. E.: Monetary Problems of the British Empire. Macmillan, 1931.

Harris, S. E.: Twenty Years of Federal Reserve Policy. Harvard University Press, 1933.

Harris, S. E.: Economics of the American Defense Program. Norton, 1943.

Harrod, R. F.: The Trade Cycle. Clarendon Press, 1936.

Harrod, R. F.: International Economics. Nisbet, 1939.

Hawtrey, R. G.: Capital and Employment. Longmans, 1939.

Hayek, F. A.: Profits, Interest and Investment. Routledge, 1939.

Hayek, F. A.: The Pure Theory of Capital. Macmillan, 1941.

Hearings, U. S. Senate Committee on Banking and Currency, 79th Congress, 1st Session.

Hicks and Hart: The Social Framework of the American Economy. Oxford Press, 1945.

Hicks, J. R.: The Problem of Valuation for Rating. Macmillan, 1944.

Hicks, J. R., and U. K.: Standards of Local Expenditure. Macmillan, 1943.

Higgins, B. H.: Canada’s Financial System in War, Occasional Paper No. 19, National Bureau of Economic Research, 1944.

Institute of International Finance, New York University, Bulletin Numbers 101, 112, 122, 124, 132, 137, 141, 142 dealing with current banking and central bank problems.

Kalecki, M.: The Theory of Economic Fluctuations. Farrar & Rinehart, 1939.

Kalecki, M.: Studies in Economic Dynamics. Farrar & Rinehart, 1944.

Kemmerer, E. W.: The ABC of Inflation. McGraw-Hill, 1942.

Kjellstrom, Erik T. H. and others: Price Control—the War Against Inflation. Rutgers University Press, 1942.

Kjellstrom: Managed Money. Columbia University Press, 1934.

Keynes, J. M. Unemployment as a World Problem. University of Chicago, 1931 (pp. 1-42).

Keynes, J. M.: Means to Prosperity. Harcourt, Brace, 1933.

Keynes, J. M.: How to Pay for the War. Harcourt, Brace, 1940.

King, W. T. C.: History of the London Discount Market. Routledge, 1936.

Kuznets, S.: National Income and Capital Formation, 1919-1935. National Bureau of Economic Research, 1937.

Kuznets, S.: National Income and its Composition, 1919-38. 1941.

League of Nations: World Economic Survey. (Annual).

League of Nations: Money and Banking: Monetary Review, Commercial and Central Banks (Vols. I and II). Annual.

Lange, O.: Price Flexibility and Employment, 1944.

Lester, R. A.: Monetary Experiments. Princeton University Press, 1939.

Long, C. D.: Building Cycles and the Theory of Investment, Princeton University Press, 1940.

Lundberg, E.: Economic Expansion. King, 1937.

Lutz, Friedrich: International Monetary Mechanisms: The Keynes and White Proposals (July 1943) Department of Economic and Social Institutions, Princeton University.

Machlup, Fritz: International Trade and the National Income Multiplier, 1943.

Mackenzie, K.: The Banking Systems of Great Britain, France, Germany and the United States, Macmillan, 1945.

Madden, J. R. and Nadler, M.: International Money Markets. Prentice Hall, 1935.

Marshall, Alfred: Money, Credit, and Commerce. Macmillan, 1923.

Meade, J. E.: An Introduction to Economic Analysis and Policy. Oxford University Press, 1938.

Meade, J. E.: Consumer’s Credit and Unemployment. Oxford University Press, 1938.

Morton, W. A.: British Finance 1930-40. University of Wisconsin Press, 1943.

Moulton, H. G.: The New Philosophy of Public Debt. Brookings, 1943.

Moulton, H. G.: Income and Economic Progress. Brookings, 1935.

Myers, Margaret G.: Paris as a Financial Centre. Columbia University Press, 1936.

Nathan, Otto: Nazi War Finance and Banking. Occasional Paper No. 20. National Bureau of Economic Research, 1944.

Nathan, Robert, Mobilizing for Abundance. McGraw-Hill, 1944.

Northrup, Mildred B.: Control Policies of the Reichsbank. Columbia University Press, 1938.

Ohlin, B.: Interregional and International Trade. Harvard University Press, 1933.

Ohlin, B.: Editor of issue of The Annals, May 1938 on Some Problems and Policies in Sweden.

Paris, J. D.: Monetary Policies of the U. S. 1932-38. Columbia University Press, 1938.

Pierson, J. H. G.: (a) Full Employment, Yale University Press, 1941. (b) Full Employment in Practice, N. Y. University Institute on Postwar Reconstruction, 1946.

Pigou, A. C.: The Theory of Unemployment. Macmillan, 1933.

Pigou, A. C.: Employment and Equilibrium. Macmillan, 1941.

Plumptre, A. F. W.: Central Banking in the British Dominions. University of Toronto Press, 1940.

Robinson, Joan: Introduction to the Theory of Employment. Macmillan, 1937.

Roll, Erich: About Money. Faber and Faber, 1934.

Saulnier, R. J.: Contemporary Monetary Theory. Columbia University Press, 1938.

Schumpeter, J. A.: The Theory of Economic Development. Harvard University Press, 1934.

Shackle, G. L. S.: Expectations, Investment and Income, 1938.

Shepherd, Henry L.: The Monetary Experience of Belgium, 1914-1936. Princeton University Press, 1936.

Shirras and Rostas: The Burden of British Taxation. Macmillan, 1943.

Taus, E. R.: Central Banking Functions of the U. S. Treasury. Columbia University Press, 1945.

Timlin, Mabel: Keynesian Economics, 1942.

Thornton, Henry: An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (1802). Farrar and Rinehart, 1939 (Introduction by Hayek).

Timoshenko, V.: World Agriculture and the Depression. University of Michigan, Bureau of Business Research, 1933.

Veblen, T.: Theory of Business Enterprise. Scribner’s, 1904.

Veblen, T.: The Engineers and the Price System. Huebsch, 1921.

Villard, H. H.: Deficit Spending and the National Income. Farrar and Rinehart, 1941.

Vineberg, P. F.: The French Franc and the Gold Standard. McGill University, 1938.

Westerfield, R. B.: Our Silver Debacle. Ronald Press, 1936.

Whittlesey, C. R.: (a) The Banking System and War Finance. New York: National Bureau of Economic Research, 1943. (b) The Effect of War on Currency and Deposits. National Bureau, 1943. (c) Bank Liquidity and War. National Bureau, 1945.

Williams, J. H.: Argentine Trade under Inconvertible Paper. Harvard University Press, 1920.

Willis, H. P., and Beckhart, B. H.: Foreign Banking Systems. Holt, 1929.

Willis, J. B.: The Functions of the Commercial Banking System. New York: Kings Crown Press, 1943.

Wood, Elmer: English Theories of Central Banking Control, 1819-1858. Harvard University Press, 1939.

Youngman, A.: The Federal Reserve System in Wartime. National Bureau of Economic Research, 1945.

 

Articles:

Allen, Newcomer and Shoup: “Taxation Problems”, Am. Econ. Rev., June, 1945.

Anderson, B. M.: “Keynes and Morgenthau Foreign Exchange Stabilization Plans”, Bankers Magazine, May 1943.

Angell, J. W.: “The 100% Reserve Plan”, Quarterly Journal of Economics, November, 1935.

Angell, J. W.: “Foreign Exchange”, Encyclopedia of the Social Sciences, Volume 6.

Belae, W. T. M. Jr., Kennedy, M. T., and Winn, W. J.: “Commodity Reserve Currency,” Journal of Political Economy, August, 1942.

Benham, F.: “Wartime Control of Prices”, Economica, Feb. 1942.

Bennion, E. G.: “Unemployment and the Theories of Schumpeter and Keynes”, Am. Econ. Rev., June, 1943.

Bergson, A.: “Prices, Wages, and Income Theory”, Econometrica, July-October, 1942.

Beveridge, W. H.: “Underemployment in the Trade Cycle”, Economic Journal, March, 1939.

Bloomfield, A. I.: “The Mechanism of Adjustment of the American Balance of Payments: 1919-1929”, Quarterly Journal of Economics, May 1943.

Bronfenbrenner, M.: The Role of Money in Equilibrium Capital Theory”, Econometrica, January, 1943.

Bronfenbrenner, M.: “Some Fundamentals in Liquidity Theory”, Quarterly Journal of Econ., May, 1945.

Clark, Colin: “The Determination of the Multiplier from National Income Statistics”, Economic Journal, September, 1938.

Copeland, M. A.: “The Capital Budget and the War Effort”, Am. Econ. Rev., March, 1943.

Currie, L.: “The Failure of Monetary Policy to Prevent the Depression of 1929-32”, Journal of Political Economy, April 1934.

Dolley, J. C.: “Ability of the Banking System to Absorb Government Bonds”, Journal of Political Economy, February, 1943.

Domar, E.: “The Burden of the Debt and the National Income”, Am. Econ. Rev., December, 1944.

Ebersole, J. F.: (a) “Banks can make more Postwar Jobs.” Harvard Business Review, Autumn, 1943. (b) “Government can Help Banks make more Jobs.” Harvard Business Review, Winter, 1944.

Eddy, George A.: “The Present Status of New Security Issues”, Review of Economic Statistics, August 1939.

Ellis, Howard: “Some Fundamentals in the Theory of Velocity”, Quarterly Journal of Economics, May 1939.

Ellis, Howard: “Notes on Recent Business-Cycle Literature”, Review of Economic Statistics, August, 1938.

Federal Reserve Bulletin: “The Money and Banking System in War-time, Dec., 1943.

Fellner, William: “Monetary Policies and Hoarding in Periods of Stagnation”, Journal of Political Economy, June 1943.

Freeman and Bans, “Saving and Spending Patterns”, Am. Econ. Rev., June, 1944.

Friedman, Milton and Poole, K. E.: “The Spendings Tax,” Am. Econ. Rev., March 1943.

Goodwin, R. M.: “Keynesian and Other Interest Theories”, Review of Economic Statistics, February, 1943.

Graham, Benjamin: “The Critique of Commodity-Reserve Currency: A Point-by-Point Reply”, Journal of Political Economy, February, 1943.

Graham, F. D.: “100% Reserves: Comment”, American Economic Review, June, 1941.

Graham, F. D.: Keynes vs. Hayek in a Commodity Reserve Currency”, Econ. Journal, Dec., 1944. (See also Note by Lord Keynes)

Graham, F. D.: “Commodity-Reserve Currency: A Criticism of the Critique”, Journal of Political Economy, February, 1943.

Hagen and Kirkpatrick, “The National Output at Full Employment in 1950”, Am. Econ. Rev., Sept., 1944.

Hart, A. G.: “Model Building and Fiscal Policy”, Am. Econ. Rev., September, 1945.

Harris, S. E.: “American Gold Policy and Allied War Economics”, Economic Journal, September, 1940.

Harrod R. F.: “An Essay in Dynamic Theory”, Economic Journal, March, 1939.

Hayek, F. A.: “A Commodity-Reserve Currency”, Economic Journal, June-Sept., 1943.

Hansen, Alvin H.: “Three Methods of Expansion through Fiscal Policy”, Am. Econ. Rev., June, 1945.

Hansen, Musgrave and Chamberlain, “Notes on Fiscal Policy”, Am. Econ. Rev., June, 1945.

Henderson, J. S.: “Regional Differentials in Interest Rates”, So. Econ. J., Oct., 1944.

Hinshaw, “American Prosperity and the British Balance of Payments Problem”, Rev. of Econ. Stat., Feb., 1945.

Hicks, J. R.: “Mr. Keynes’ Theory of Employment”, Economic Journal, June, 1936.

Hicks, J. R.: “The Monetary Theory of D. H. Robertson”, Economica, February, 1942.

Hicks, J. R.: “Maintaining Capital Intact”, Economica, May, 1942.

Hicks, J. R.: “Saving and the Rate of Interest in War-time,” The Manchester School of Econ. and Soc. Studies, April, 1941.

Holden, G. R.: “Mr. Keynes’ Consumption Function and the Time-Preference Postulate”, Quarterly Journal of Economics, February 1938; see Keynes’ Reply, Quarterly Journal of Economics, August, 1938.

Horsefield, J. K.: “Currency Devaluation and Public Finance, 1929-1937”, Economica, August, 1939.

Jacobi, N. H.: “Government Loan Agencies and Commercial Banking”, Supplement, Am. Econ. Rev., March, 1942.

Joseph, M F. W.: “The British White Paper on Employment Policy, Am. Econ. Rev., Sept., 1944.

Kaldor, Nicholas: “Capital Intensity and the Trade Cycle”, Economica, February, 1939.

Kaldor, Nicholas: “Stability and Full Employment”, Economic Journal, December, 1938.

Kalecki, M.: “The Short-Term Rate of Interest and Velocity of Cash Circulation”, Review of Economic Statistics, May, 1941.

Kalecki, M.: The Short-Term and the Long-Term Rate”, Oxford Economic Papers, No. 4, Sept., 1940.

Keynes, J. M.: “Alternative Theories of the Rate of Interest”, Economic Journal, June, 1937.

Keynes, J. M.: “The Objective of International Price Stability”, Economic Journal, June-September 1943.

Kondratieff, M. D.: “The Long Waves in Economic Life”, Review of Economic Statistics, November, 1935.

Lange, O.: “Is the American Economy Contracting”, Am. Econ. Rev., 1939, pp. 503-513.

Langer, H. C.: “Maintaining Full Employment”, Am. Econ. Rev. Dec., 1943.

Langum, J. K.: “The Statement of Supply and Use of Member Bank Reserve Funds”, Review of Economics Statistics, August, 1939.

Lanston, A. G.: “Crucial Problems of the Federal Debt”, Harvard Business Review, Winter, 1946.

Lehmann, Fritz: “One Hundred Per Cent Money”, Social Research, February, 1936.

Leland, S. E.: “Management of the Public Debt after the War”, Supplement, Am. Econ. Rev. June, 1944.

Leland, S. E.: “The Government, the Banks, and the Debt”, Commercial and Financial Chronicle, January 17, 1946.

Lerner, A. P.: “Mr. Keynes’ General Theory of Employment, Interest and Money”, International Labour Review, October 1936 and November 1937.

Lerner, A. P.: “Saving Equals Investment”, Quarterly Journal of Economics, February 1938.

Lerner, A. P.: Alternative Formulations of the Theory of Interest,” Economic Journal, June, 1938.

Lerner, Lange, Curtis, Lutz: “Saving and Investment”, Quarterly Journal of Economics, August, 1939.

Lerner, Simons, Graham and Others: “Planning and Paying for Full Employment”, Int’l Postwar Problems, October, 1945 and January, 1946.

Leser, C. E. V.: “The Consumer’s Demand for Money”, Econometrica, April, 1943.

Long, C. D.: “Long Cycles in the Building Industry, 1856-1935”, Quarterly Journal of Economics, May, 1939.

Lusher, D. W.: “The Structure of Interest Rates and the Keynesian Theory of Interest”, Journal of Political Economy, April, 1942.

Lutz, F. A.: “The Interest Rate and Investment in a Dynamic Economy, “ Am. Econ. Rev., December, 1945.

Lutz, F. A.: “The Outcome of the Saving-Investment Discussion”, Quarterly Journal of Economics, August, 1938.

Lutz, F. A.: “Velocity Analysis and the Theory of the Creation of Deposits”, Economica, May 1939.

Machlup, F.: “Period Analysis and the Multiplier Theory”, Quarterly Journal of Economics, November, 1939.

Machlup, F.: “The Theory of Foreign Exchanges”, Economica, Nov., 1939.

Marget, A. W.: “The Monetary Aspects of the Walrasian System”, Journal of Political Economy, April 1935.

Marget, A. W.: “Leon Walras and the ‘Cash-Balance’ Approach to the Problem of the Value of Money”, Journal of Political Economy, October, 1931.

McLeod, G. N.: “The Financing of Employment Maintaining Expenditures”, Am. Econ. Rev., Sept., 1945.

Metzler, L. A.: “Underemployment Equilibrium in International Trade,” Econometrica, April, 1942.

Millikan, M.: “The Liquidity Preference Theory of Interest”, Am. Econ. Rev. 1938, pp. 247-260.

Millikan, M., and others: “General Interest Theory”, Am. Econ. Rev., Supplement, 1938, pp. 69-72.

Moonitz, Maurice: “The Risk of Obsolescence and the Importance of the Rate of Interest”, Journal of Political Economy, August, 1943.

Morgan, E. V.: “The Future of Interest Rates”, Economic Journal, Dec., 1944.

Morgan, Theodore: “Interest, Time Preference and the Yield of Capital”, Am. Econ. Rev., March, 1945.

Morgenstern, O. “On the International Spread of Business Cycles”, Journal of Pol. Econ., August, 1943.

Mosak, J.: “National Budgets and National Policy”, Am. Econ. Rev., March, 1946.

Nussbaum, A.: “The Meaning of Inflation”, Political Science Quarterly, March, 1943.

Ohlin, Robertson, Hawtrey: “Alternative Theories of the Rate of Interest: Three Rejoinders”, Economic Journal, September, 1937.

Ohlin, B.: Some Notes on the Stockholm Theory of Savings and Investment”, Economic Journal, March 1937, June, 1937.

Ohlin, B.: “Mechanism and Objectives of Exchange Control”, Supplement to American Economic Review, March 1937.

Palmer, P. F.: “The Control of Post-War Inflation”, Bulletin of National Tax Association, February, 1943.

Pierson, J. H. G.: “The Underwriting of Aggregate Consumer Spending as a Pillar of Full Employment Policy”, Am. Econ. Rev., March, 1944.

Pigou, A. C.: “The Classical Stationary State”, Econ. Journal, December, 1943, (See also comment by Kalecki in Economic Journal, April, 1944.)

Plumptre, A. F. W.: “Interest Rates and Bank Credit in the British Dominions”, Economic Journal, June, 1939.

Polak, J. J.: “Balance of Payment Problems of Countries Reconstructing with the Help of Foreign Loans”, Quarterly Journal of Economics, February, 1943.

Pumphrey, L. M.: “The Exchange Equalization Account of Great Britain”, American Economic Review, December, 1942.

Robinson, Joan: The Concept of Hoarding”, Economic Journal, June, 1938.

Robinson, Joan: “The International Currency Proposals”, Economic Journal, June-September, 1943.

Robinson, R. I.: “Money Supply and Liquid Asset Formation”, Am. Econ. Rev., March, 1946.

Salant, W. S.: “The Demand for Money and the Concept of Income Velocity”, Journal of Political Economy, June, 1941.

Samuelson, P.: “Interactions between the Multiplier Analysis and the Principle of Acceleration”, Review of Economic Statistics, May, 1939.

Samuelson, P.: “Dynamics, Statics, and the Stationary State”, Review of Economic Statistics, February, 1943.

Samuelson, P.: “Fiscal Policy and Income Determination”, Quarterly Journal of Economics, August, 1942.

Samuelson, P.: “The Rate of Interest under Ideal Conditions”, Quarterly Journal of Economics, February, 1939.

Savage, T. E.: “Banks and Consumer Credit”, Bankers Magazine, February, 1943.

Schumpeter, J. A.: “An Analysis of Economic Change”, Review of Economic Statistics, May, 1935.

Seltzer, L.H.: (a) “Direct versus Fiscal and Institutional Factors”, Supplement, Am. Econ. Rev., Feb., 1941. (b) “Postwar Domestic Monetary Problems”, Supplement, Am. Econ. Rev., March, 1944. (c) “The Changed Environment of Monetary and Banking Policy”, Supplement, Am. Econ. Rev. May, 1946.

Shapiro, S.: “The Distribution of Deposits and Currency in the United States, 1929-1939”, Journal of the American Statistical Association. Dec. 1943.

Shirras, G. F.: “The Position and Prospects of Gold,” Economic Journal, June-Sept., 1940.

Shoup, Carl: “Problems in War Finance”, Am. Econ. Rev., March, 1943.

Simmons, E. C.: “Treasury Deposits and Excess Reserves”, Journal of Political Economy, June, 1940.

Simons, H. C.: “Rules versus Authority in Monetary Policy”, Journal of Political Economy, February, 1936.

Simons, H. C.: “Hansen on Fiscal Policy”, Journal of Political Economy, April, 1942.

Smithies, A.: “The Quantity of Money and the Rate of Interest”, Review of Economic Statistics, February, 1943.

Smithies, A.: “The Behavior of Monetary National Income Under Inflationary Conditions”, Quarterly Journal of Economics, November, 1942.

Smithies, A.: “Full Employment in a Free Society”, Am. Econ. Rev. June, 1945.

Somers, H. M.: “Rules versus Authority in Monetary Policy”, Quarterly Journal of Economics, May, 1941.

Spere, Herbert, and Leavitt, John A.: “Inflation as a Post-War Problem”, Journal of Political Economy, August, 1943.

Stettner, W. F.: “Sir James Stewart on the Public Debt”, Quarterly Journal of Economics, May, 1945.

Stolper, W. F.: “Monetary Equilibrium and Business-Cycle Theory”, Review of Economic Statistics, February, 1943.

Stone, R.: “National Income in the United Kingdom and the United States of America,” Review of Economic Studies: Winter, 1942-43.

Stone, R.: “The National Income, Output, and Expenditure of U.S.A. 1929-41,” Economic Journal, June-Sept., 1942.

Viner, Jacob: “Mr. Keynes on the Causes of Unemployment: A Review” Quarterly Journal of Economics, November, 1936.

Viner, Jacob: “Inflation: Menace or Bogey?” Yale Review: Summer, 1942.

Watkins, L. L.: “The Expansion Power of the English Banking System,” Quarterly Journal of Economics, November, 1938.

Whittlesey, C. R.: “Problems of Our Domestic Money and Banking System”, Supplement, Am. Econ. Rev., March, 1944.

Whittlesey, C. R.: “Reserve Requirements and the Integration of Credit Policies,” Quarterly Journal of Economics, August, 1944.

Williams, John H.: “The Adequacy of Existing Mechanisms under Varying Circumstances” Supplement to American Economic Review, March, 1937.

Williams, John H.: “Fiscal Policy and Preparedness”, Proceedings, Academy of Political Science, May, 1939.

Williams, John H.: “Economic and Monetary Aspects of the Defense Program”, Federal Reserve Bulletin, February, 1941.

Williams, John H.: “Economic Consequences of Deficit Financing”, Am. Econ. Rev., Supplement, 1940, pp. 52-66.

Williams, John H.: “The Keynes and White Plans”, Foreign Affairs, July, 1943.

Williams, John H., and Jacoby, N. H.: “The Changing Position of the Banking System and its Implications for Monetary Policy”, Supplement to American Economic Review, March, 1942.

Williams, R. S.: “Fiscal Policy and Propensity to Consume”, Econ. Journ., Dec., 1945.

Winn, Willis J.: Commodity-Reserve Currency: A Rejoinder”, Journal of Political Economy, April, 1943.

Wright, D. McC.: “The Future of Keynesian economics,” Am. Econ. Rev., June, 1945.

Wright, D. McC., “Moulton’s: The New Philosophy of Public Debt”, Am. Econ. Rev., Sept., 1943.

 

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1946-47 (2 of 2)”.

Image Source: Alvin H. Hansen and John H. Williams in Harvard Class Album 1942.

Categories
Exam Questions Harvard Suggested Reading Syllabus

Harvard. Graduate Money and Banking, Reading List, Final Exam. Williams and Goodwin, 1947

 

Today’s post is the second of three devoted to the year long graduate sequence “Principles of Money and Banking” taught by Alvin H. Hansen, John H. Williams, and Richard M. Goodwin (second semester) at Harvard in 1946-47.

The reading list for Econ 141b is transcribed below, along with the corresponding final examination questions. The previous post provided  transcriptions for the first semester’s list of readings and final examination (Econ 141a) and course enrollments in each semester. The next post will have the “General Reference Reading” list for both semesters.

____________________________

SECOND SEMESTER
ECONOMICS 141b: PRINCIPLES OF MONEY AND BANKING

III. International Monetary Equilibrium:

  1. Cassel, G., The Downfall of the Gold Standard (1936).
  2. Copland, Douglas, Australia in the World Crisis (1934).
  3. Ellis, H. S., Exchange Control in Central Europe (1941).
  4. Graham and Whittlesey, Golden Avalanche (1939).
  5. Hall, M. F., The Exchange Equalization Account (1935).
  6. Hahn, George, International Monetary Cooperation (1945).
  7. Hansen, Alvin, H., America’s Role in the World Economy (1945).
  8. Hardy, C. O., Is There Enough Gold (1936).
  9. Harris, S. E., Exchange Depreciation (1936).
  10. Harris, S.E., Economic Problems of Latin America (1944).
  11. Iverson, Carl, International Capital Movements (1936).
  12. Kindelberger, C. P., International Short-term Capital Movements (1937).
  13. League of Nations: Final Report on Gold (1932).
  14. League of Nations: Economic Fluctuations in the United States and the United Kingdom, 1918-22 (1942).
  15. Nurkse, R., International Currency Experience (1944).
  16. Warren and Pearson: (a) Gold and Prices (1935);
    (b) World Prices and the Building Industry (1937).
  17. Williams, John H., Postwar Monetary Plans (Second Edition, 1945)

IV. Monetary and Fiscal Policy:

  1. Beveridge, Sir William, Full Employment in a Free Society (1945).
  2. British White Paper on “Employment Policy” (1944).
  3. de Chazeau, Hart, and Others, Jobs and Markets (1946).
  4. Economics of Full Employment. Six Oxford Economists (1945).
  5. Fellner, W., Monetary Policies and Full Employment (1946).
  6. Financing American Prosperity, Twentieth Century Fund (1945).
  7. Groves, H. M.: (a) Production, Jobs and Taxes (1944).
    (b) Postwar Taxation and Economic Progress (1946).
  8. Hansen, Alvin, H., Economic Policy and Full Employment (1946).
  9. Harris, S. E., Postwar Economic Problems (1943).
  10. Harris, S. E., Economic Reconstruction (1945).
  11. Hayes, H. Gordon, Spending, Saving and Employment (1945).
  12. League of Nations: Anti-Depression Policy (1945).
  13. Langum, John K., Postwar Banking Problems (1946).
  14. Postwar Economic Studies No. 3, Public Finance and Full Employment (1945).
  15. Postwar Economic Studies No. 8, Federal Reserve Policy (1946).
  16. Ruml and Sonne, Fiscal and Monetary Policy (1944).
  17. Terborgh, George, The Bogey of Economic Maturity (1945).
  18. Williams, John H. Postwar Monetary Plans (Second Edition, 1945), Chapters 4, 5.

 

Source: Harvard University Archives. Alvin Harvey Hansen Papers. Box 1 of Lecture Notes and Other Course Material, Folder “Econs 141”. Also found in Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1946-47 (2 of 2)”.

____________________________

1946-47
HARVARD UNIVERSITY
ECONOMICS 141b

PRINCIPLES OF MONEY AND BANKING

(Three hours)

Discuss one question in each part.

I

  1. Your own appraisal of Keynes’ “General Theory.”
  2. The consumption function as a guide to monetary and fiscal policy.

 

II

  1. The treatment of the interest rate in modern monetary theory.
  2. Hayek’s criticism of the Foster and Catchings thesis.
  3. Hawtrey’s theory of the business cycle.

 

III

  1. The problem of international monetary and trade adjustment in the postwar world.
  2. One of the following:

(a) The International Monetary Fund;
(b) The International Bank for Reconstruction and development;
(c) The ITO Charter.

  1. Keynes’ paper on the “Balance of Payments of the United States,” Economic Journal, June, 1946.

 

Final. May, 1947.

 

Source: Harvard University Archives. Harvard University Final Examinations 1853-2001. Box 14. Papers Printed for Final Examinations: History, History of Religions…, Economics, … , Military Science, Naval Science, May, 1947.

Image Source: John H. Williams in Harvard Class Album, 1950.

 

Categories
Exam Questions Suggested Reading Syllabus

Harvard. Money and Banking graduate course, readings and exam. Hansen, 1946-47

 

 

Today’s post is the first of three devoted to the year long graduate sequence “Principles of Money and Banking” taught by Alvin H. Hansen, John H. Williams, and Richard M. Goodwin (second semester) at Harvard in 1946-47.

The reading list for Econ 141a is transcribed below, along with the corresponding final examination questions as well as enrollment numbers for both semesters.

Following posts will provide transcriptions for the following semester’s list of readings and final examination (Econ 141b) plus the “General Reference Reading” list for both semesters.

____________________________

Course Enrollment

[Economics] 141a. (fall term) Professors J. H. Williams and Hansen.—Principles of Money and Banking.

Total 130: 88 Graduates, 1 Senior, 26 Public Administration, 15 Radcliffe.

 

[Economics] 141b. (spring term) Professors J. H. Williams and Hansen and Assistant Professor Goodwin.—Principles of Money and Banking.

Total 113: 75 Graduates, 23 Public Administration, 15 Radcliffe.

 

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1946-1947, p. 71.

____________________________

ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING

 

Economics 141a — First Semester, 1946-47 (Professor Hansen)

  1. Central Banking: Current Problems and Policies
  2. Theory of Money, Liquidity-Preference, Interest and Prices

Economics 141b — Second Semester, 1946-47 (Professor Williams)

III. International Monetary Equilibrium

  1. Monetary and Fiscal Policy

 

 

READING LIST FOR ECONOMICS 141a
Principles of Money and Banking
1946-1947

Note: Pre-requisite reading (for those who are deficient in undergraduate preparation in Money and Banking:

  1. Banking Studies, Board of Governors, Federal Reserve System, (1941).
  2. Southard, F. A., Foreign Exchange Practice and Policy, (McGraw-Hill, 1940).
  3. Any one standard textbook in Money and Banking, such as: Thomas, Our Modern Banking and Monetary System, (Prentice-Hall, 1942); or Reed, Money, Currency and Banking, (McGraw-Hill, 1942).

 

I. Central Banking: Current Problems and Policies.

A. Minimum Reading List:

I. Books and Pamphlets:

  1. International Currency Experience (League of nations, 1944), Chapters I-IV, pp. 7-112.
  2. World Economic Survey, 1942-44 (League of Nations, 1945), Chapter IV “Finance and Banking” (pp. 173-213).
  3. Money and Banking: 1942-44 (League of Nations, 1945).
  4. Ellis, H. S., (in Harris: Economic Reconstruction, McGraw-Hill, 1945), Chapter 13, “Central and Commercial Banking in Postwar Finance” (pp. 237-252).
  5. Hansen, Alvin H., America’s Role in the World Economy (Norton, 1945), Chapter XVII, “Gold, Exports and Liquidity” (pp. 144-157).
  6. Harris, S. E., Inflation and the American Economy (McGraw-Hill, 1945), Chapter XXIV, “Money and Savings” (pp. 372-383).
  7. Hawtrey, R. G., The Art of Central Banking (Longmans, 1933) pp. 116-207.
  8. Keynes, J. M., Treatise on Money, Volume II, Chapters 25, 32, 33.
  9. Robertson, D. H., Essays in Monetary Theory (King, 1940), Chapter II, “Theories of Banking Policy” (pp. 39-59); Chapter XII, “British Monetary Policy” (pp. 154-167).
  10. Williams, John H., Postwar Monetary Plans (Knopf, second edition, 1945), Chapter 6, “The Banking Act of 1935” (pp. 112-129); Chapter 8, “The Crisis of the Gold Standard” (pp. 154-172); Chapter 9, “Monetary Stability and the Gold Standard” (pp. 172-190).
  11. Financing American Prosperity (Twentieth Century Fund, 1945):
    1. Ellis, H. S., “Monetary Controls and the Business of Banking” (pp. 140-153).
    2. Hansen, Alvin, H., “Management of the Debt and Internal Stability” (pp. 246-256).
    3. Williams, John H., “Money and Banking” (pp. 381-5).
  12. Postwar Economic Studies, No. 3 (Board of Governors, Federal Reserve System, 1945):
    1. Robinson, R. I., “Monetary Aspects of National Debt Policy” (pp. 69-83).
    2. Wallich, H. C., “Public Debt and Income Flow” (pp. 84-100).
    3. Hansen, Alvin H., “Comments” (pp. 131-5).

II. Reports and Articles:

  1. Annual Report of the Secretary of the Treasury on the State of the Finances:
    1. Fiscal year ended June 30, 1944 (pp. 1-10).
    2. Fiscal year ended June 30, 1945 (pp. 1-10).
  2. Federal Reserve Bulletins:
    1. May 1946 (pp. 461-8), “Treasury Financing and Banking Developments.”
    2. July 1946 (pp. 707-15), “Postwar Business Finance”.
    3. February 1946 (pp. 122-3), “Estimated Liquid Assets of Individuals and Business”.
  3. Bopp, K. R., “Central Banking at the Crossroads”, Supplement, American Economic Review, March 1944 (pp. 260-77).
  4. Hansen, Alvin H., “Inflation”, Yale Review, Summer 1946.
  5. Macmillan Report, Royal Commission on Industry and Commerce, Cmd. 3897 (1931), pp. 2-45; 106-160.
  6. Samuelson, Paul, “The Effect of Interest Rate Increases on the Banking System”, American Economic Review, March 1945.
  7. Seligman, H. L., “The Problem of Excessive Commercial Bank Earnings”, Quarterly Journal of Economics, May 1946.
  8. Whittlesey, C. R., “Federal Reserve Policy in Transition”, Quarterly Journal of Economics, May 1946.

B. Supplementary Reading List:

I. Books

  1. Arndt, H. W., The Economic Lessons of the Nineteen Thirties, (Oxford, 1944).
  2. Coulborn, W, A. L., An Introduction to Money, (Longmans, 1938) Chapters 5, 13-14 (pp. 48-64, 209-241).
  3. Fisher, Irving, 100 Per Cent Money, (Adelphi, 1935; Third Edition City Printing Co., New Haven, 1945).
  4. Johnson, G. G., The Treasury and Monetary Policy, (Harvard 1939), Chapter I-V (pp. 3-160).
  5. Hawtrey, R. G., The Gold Standard in Theory and Practice (Longmans, Fourth Edition, 1939).
  6. Hawtrey, R. G., A Century of Bank Rate. (Longmans, 1938).
  7. Lewinski, J., Money, Credit and Prices, (King, 1929) Chapters IV-V (pp. 99-144).
  8. McCracken, Paul W., The Future of Northwest Bank Deposits, Federal Reserve Bank, Minneapolis, 1946.
  9. Mints, L. W., A History of Banking Theory (Chicago, 1945), Chapters VI and X (pp. 74-100; 178-197).
  10. Morgan, E. V., The Theory and Practice of Central Banking, (Macmillan, 1943).
  11. Niebyl, Karl H., Studies in the Classical Theories of Money, (Columbia, 1946).
  12. Sayers, R. S., Modern Banking, (Oxford, 1938), Chapters 4-5 (pp. 70-145).
  13. Viner, J. Studies in the Theory of International Trade, (Harper, 1937), Chapter V, “English Currency Controversies” (pp. 218-289).
  14. Wernette, P., Financing Full Employment, (Harvard, 1945), Chapter 3 (pp. 33-61).

II. Articles

  1. Abbott, C. C. (Review articles on Financing Problems and Bank Liquidity), Review of Economic Statistics, February 1946 (pp. 48-51).
  2. Abbott, C. C., “Management of the Federal Debt”, Harvard Business Review, Autumn 1945.
  3. Goldenweiser, E. A., “Commercial Banking After the War”, Federal Reserve Bulletin, September 1944.
  4. Seltzer, Lawrence, “Is a Rise in Interest Rates Desirable or Inevitable?”, American Economic Review, December 1945.
  5. Treasury Bulletin, April 1946, “Federal War-time Financing and the Growth of Liquid Assets”.
  6. Keynes, J. M., “The Objective of International Price Stability”, Economic Journal, June-September 1943.

C. General Reference Reading (see below).

II. Theory of Money, Liquidity Preference, Interest and Prices.

A. Minimum Reading List:

I. Books:

  1. Haberler, G., Prosperity and Depression, (League of Nations, 1939), Chapters 8, 13, (pp. 168-254; 455-507).
  2. Hansen, Alvin H.:
    1. Fiscal Policy and Business Cycles, (Norton, 1941), Chapters 1-5; 11-15; (pp. 13-105; 225-338).
    2. Full Recovery or Stagnation, (Norton, 1938), Chapters 1-5 (pp. 13-133); Appendix, pp. 331-343.
  3. Hayek, F. A., Prices and Production, (Routledge, 1935), Chapters 1 and 4 (pp. 1-31; 105-128).
  4. Hicks, J. R., Value and Capital, (Oxford, 1939), Chapters 12-13 (pp. 153-170).
  5. Keynes, J. M., Monetary Reform, (Harcourt, 1924), pp. 81-95; 152-191.
  6. Keynes, J. M., A Treatise on Money, (Harcourt, 1930), Chapters 9-13 and 30 (Volume I, pp. 123-220; Volume II, pp. 148-208).
  7. Keynes, J. M., General Theory of Employment, Interest and Money, (Harcourt, 1936), pp. 3-45; 61-65; 74-221; 245-271; 292-332; 372-384.
  8. Lerner, A. P., The Economics of Control, (Macmillan, 1944), Chapters 22-25 (pp. 271-345).
  9. Marget, Arthur W., The Theory of Prices, Volume I, (Prentice-Hall, 1938), Chapters 12 and 15 (pp. 302-343, 414-459).
  10. Marget, Arthur W., The Theory of Prices, Volume II, (Prentice-Hall, 1942), Chapter 3 (pp. 89-133).
  11. Marshall, A., Official Papers, (Macmillan, 1926), pp. 19-31.
  12. Pigou, A. C., Lapses from Full Employment, (Macmillan, 1945), Chapters 1-5; 8-9; 12. (pp. 1-29; 38-51; 69-73).
  13. Robertson, D. H., Money, (Harcourt, 1929), chapters 2-4; 7-8 (pp. 18-91; 144-197).
  14. Robertson, D. H., Essays in Monetary Theory, (King, 1940), Chapters 1, 6, 11 (pp. 1-38; 92-7; 113-153).
  15. Schumpeter, J. A., Business Cycles, (McGraw-Hill, 1939), Volume II, Chapter 8, (pp. 449-482).
  16. Wicksell, K., Interest and Prices, (Macmillan, 1936), Introduction by Bertil Ohlin; also author’s Preface; Chapters 5, 7-8, 11 (pp. 38-50; 81-121; 165-177).
  17. Wicksell, K., Money: Lectures on Political Economy, Volume II, (Macmillan, 1935), Chapter IV (pp. 127-228).
  18. Wright, David McC., The Creation of Purchasing Power, (Harvard, 1939), Chapters 4-6 (pp. 60-121).
  19. Macmillan Report, Royal Commission on Finance and Industry, Cmd. 3897 (1931), Part I, Chapter 11.

II. Articles:

  1. Clark, Colin, “Public Finances and Changes in the Value of Money”, Economic Journal, December 1945.
  2. Hicks, J. R., “Mr. Keynes and the Classics: A Suggested Interpretation”, Econometrica, April 1937.
  3. Hawtrey, R. G. and Hicks, J. R., “Interest and Bank Rate”, The Manchester School of Economic and Social Studies, October 1939.
  4. Keynes, J. M., “Relative Movement of Real Wages and Output”, Economic Journal, March 1939.
  5. Lange, O., “The Rate of Interest and the Optimum Propensity to Consume”, Economica, February 1938.
  6. Lerner, A. P., “Alternative Formulations of the Theory of Interest”, Economic Journal, June 1938.
  7. Lerner, A. P., “Interest Theory: Supply and Demand for Loans or Supply and Demand for Cash”, Review of Economic Statistics, May 1944.
  8. Lerner, A. P., “Ex Ante Analysis and Wage Theory”, Economica, November 1939.
  9. Lerner, A. P., “Some Swedish Stepping Stones in Economic Theory”, Canadian Journal of Economics and Political Science, November 1940.
  10. Mints, Hansen, Ellis, Lerner, Kalecki, “A Symposium on Fiscal and Monetary Policy”, Review of Economic Statistics, May 1946.
  11. Modigliani, F., “Liquidity Preferences and the Theory of Interest and Money”, Econometrica, January 1944.
  12. Pigou, A. C., “Employment Policy and Sir William Beveridge”, Agenda, August 1944.
  13. Reder, M. W., “Interest and Employment”, Journal of Political Economy, June 1946.
  14. Simons, H. C., “Debt Policy and Banking Policy”, Review of Economic Statistics, May 1946.

B. Supplementary Reading List:

I. Books:

  1. Adarkar, B. P., The Theory of Monetary Policy, (King, 1935), Chapter 1-8; 13-15 (pp. 3-52; 101-122).
  2. Chandler, L. V., An Introduction to Monetary Theory (Harper, 1940), pp. 1-205.
  3. Coulborn, W. A. L., An Introduction to Money, (Longmans, 1938), Chapters 6-8; 15-16 (pp. 65-116; 242-264).
  4. Lindahl, Erik, Studies in the Theory of Money and Capital, (Allen and Unwin, 1939), Part II, Chapters 4-6, (pp. 199-268).
  5. Myrdal, Gunnar, Monetary Equilibrium, (Hodge, 1939), Chapters 1-3 (pp. 1-48).
  6. Polanyi, M. Full Employment and Free Trade, (Cambridge Univ. Press, 1945), Chapters 1, 4, (pp. 1-66; 87-103).
  7. Sayers, R. S., Modern Banking. (Oxford, 1938), Chapter 6 (pp. 146-164).
  8. Thomas, Brindley, Monetary Policy and Crises, (Routledge, 1936), Chapters 3-4 (pp. 62-156).

II. Articles:

  1. Lange, O., “Economic Controls After the War,” Political Science Quarterly, March 1945.
  2. Marschak, J., “Wicksell’s Two Interest Rates”, Social Research, November 1941.
  3. Simons, H. C., “On Debt Policy”, Journal of Political Economy, June 1945.
  4. Warburton, Clark, “The Volume of Money and the Price Level Between the World Wars”, Journal of Political Economy, June 1945.
  5. a. Warburton, Clark, “The Monetary Theory of Deficit Financing”, Review of Economic Statistics, May 1945.
    b. Arndt, H. W., “The Monetary Theory of Deficit Financing; A Comment”, Review of Economic Statistics, May 1946.

C. General Reference Reading (see below).

Source: Harvard University Archives. Alvin Harvey Hansen Papers. Box 1 of Lecture Notes and Other Course Material, Folder “Econs 141”. Also found in Syllabi, course outlines and reading lists in Economics, 1895-2003 (HUC 8522.2.1) Box 4, Folder “Economics, 1946-47 (2 of 2)”.

____________________________

Mid-Year Final Examination

1946-47
HARVARD UNIVERSITY
ECONOMICS 141a

(Write on any THREE questions.)

    1. Give a thorough discussion of current monetary and banking problems including in your essay the following topics:
      1. The increase in the quantity of money in the U. S. since 1934; causes and effects.
      2. War-time financing; the role of the Federal Reserve Banks and of the commercial banks.
      3. Recent and prospective trends in interest rates; causes and effects.
      4. New proposals with respect to reserve requirements, composition of bank assets, and control of bank credit.
      5. Management of the public debt.
    1. Write an essay on Keynes’ theory of interest, explaining the significance and role of the marginal efficiency schedule, the consumption function, liquidity preference, and monetary policy. In connection with Keynes’ interest theory, discuss the ideas and contributions of Hicks, Lerner and Modigliani.
    2. Compare Fisher, Marshall (Cambridge cash-balance school), Wicksell and Keynes with respect to the role of the quantity of money in the theory of money and prices.
    3. Write an essay (about an hour) on any two of the following:
      1. Hayek: Prices and Production
      2. Keynes: A Treatise on Money; or General Theory of Employment, Interest and Money
      3. Marget: The Theory of Prices
      4. Robertson: Money; or Essays in Monetary Theory
      5. Wicksell: Money; or Interest and Prices
      6. Hansen: Fiscal Policy and Business Cycles; or Economic Policy and Full Employment

Final. January, 1947.

Source: Harvard University Archives. Harvard University Final Examinations 1853-2001. Box 13. Papers Printed for Final Examinations: History, History of Religions…, Economics, … , Military Science, Naval Science, January, 1947.

Image Source: Alvin Hansen from Harvard Class Album 1952.

Categories
Exam Questions Harvard

Harvard. Final Exams 2nd semester of graduate money and banking course, John Henry Williams. 1939-41

 

 

John Henry Williams was professor of economics at Harvard (1921-57) and served from 1936-48 as the first dean of its Graduate School of Public Administration. Together with Alvin H. Hansen he taught a graduate course with the nominal title “Principles of Money and Banking” that from judging from detailed notes taken in 1938-39 by R. W. Bean (Harvard Class of 1939) and in 1939-40 by James Tobin (likewise Harvard Class of 1939), also included generous doses of Keynesian macroeconomics and fiscal policy as well as of international monetary economics. From these notes we learn that Hansen and Williams taught the first and second semesters, respectively. To date I have only been able to find the semester final examination questions for the second semesters. A future posting will provide the reading list for the course.

This posting gives the course announcements, enrollments and the final examination questions for the 1938-39 through 1940-41 years.

Research Tip:  a typed copy of the Bean notes [missing pp. 98-99] can be found in the Wolfgang Stolper papers at Rubenstein Archive at Duke University (Box 29 ). A neatly handwritten bound copy of Tobin’s notes can be found in Box 6 of his papers at the Yale Archives.

________________________________

 

1938-39 Academic Year

Course Announcement

Economics 141. Principles of Money and Banking. Tu., Th., Sat., at 11. Professors WILLIAMS and HANSEN, and Associate Professor HARRIS.

Source: Harvard University. Courses of Instruction Offered by the Faculty of Arts and Sciences during 1938-39, 2nd edition. Official Register of Harvard University, Vol. XXXV, No. 42 (September 23, 1938), p. 151.

 

Course Enrollment

[Economics] 141. Professors WILLIAMS and HANSEN, and Associate Professor HARRIS—Principles of Money and Banking.

Total 40: 18 Graduates, 10 Seniors, 6 School of Public Administration, 5 Radcliffe, 1 Others

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1938-39, p. 99.

 

Second Semester Final Exam, 1938-39

1938-39
HARVARD UNIVERSITY

ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING

(Three hours)

Answer THREE questions

  1. Discuss the elements of instability in our monetary and banking mechanism, and the suggestions in recent years for making it more stable.
  2. Discuss the “pump-priming” theory versus the “compensatory” theory of deficit spending.
  3. Discuss the relation of fiscal policy to long-run economic progress.
  4. Discuss the merits and defects of monetary policy as an instrument of business cycle control.

Final. 1939

Source: Harvard University Examinations. Final examinations, 1853-2001, Box 4 (HUC 7000.28). Faculty of Arts and Sciences. Papers Printed for Final Examinations in History, History of Religions, … , Economics, …, Military Science, Naval Science (June, 1939).

 

________________________________

 

1939-40 Academic Year

Course Announcement

Economics 141. Principles of Money and Banking. Tu., Th., Sat., at 11. Professors WILLIAMS and HANSEN.

Source: Harvard University. Courses of Instruction Offered by the Faculty of Arts and Sciences During 1939-40, 2nd edition. Official Register of Harvard University, Vol. XXXVI, No. 42 (September 22, 1939), p. 158.

 

 

Course Enrollment 

[Economics] 141. Professors WILLIAMS and HANSEN.—Principles of Money and Banking.

Total 65: 38 Graduates, 13 Seniors, 2 School of Public Administration, 6 Radcliffe, 6 Others.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1939-40, p. 100.

 

 

Second Semester Final Exam, 1939-40

1939-40
HARVARD UNIVERSITY

ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING

(Three hours)

Discuss question ONE and TWO others.

  1. Keynes’ “General Theory” as a basis for long-run economic stability.
  2. The views of Foster and Catchings and Hayek on the “dilemma of thrift.”
  3. Hawtrey’s analysis of the business cycle and its control.
  4. The American gold problem.

 

Final. 1940

Source: Harvard University Examinations. Final examinations, 1853-2001, Box 5 (HUC 7000.28). Faculty of Arts and Sciences. Papers Printed for Final Examinations in History, History of Religions, … , Economics, …, Military Science, Naval Science (June, 1940).

 

________________________________

 

1940-41 Academic Year

Course Announcement

Economics 141. Principles of Money and Banking. Tu., Th., Sat., at 11. Professors WILLIAMS and HANSEN.

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: Harvard University. Division of History, Government, and Economics, Containing an Announcement for 1940-41. Official Register of Harvard University, Vol. XXXVII, No. 51 (August 15, 1940), p. 61.

 

Course Enrollment 

[Economics] 141. Professors WILLIAMS and HANSEN.—Principles of Money and Banking.

Total 45: 28 Graduates, 4 Seniors, 7 School of Public Administration, 2 Radcliffe, 4 Others.

Source: Harvard University. Report of the President of Harvard College and Reports of Departments for 1940-41, p. 60.

 

Second Semester Final Exam, 1940-41

 

HARVARD UNIVERSITY

ECONOMICS 141
PRINCIPLES OF MONEY AND BANKING

(Three hours)

Discuss THREE topics.

  1. The uses and limitations of the multiplier concept.
  2. Compare the “over-saving” and “under-investment” theories as guides to fiscal policy.
  3. Monetary and fiscal policies under conditions of war or defense.
  4. “Full employment” as a criterion of fiscal policy.
  5. Discuss: “Deficit spending is the logical sequel to central bank policy, and it was entirely logical that its first phase should be pump-priming.”

Final. 1941

Source: Harvard University Examinations. Final examinations, 1853-2001, Box 5 (HUC 7000.28). Faculty of Arts and Sciences. Papers Printed for Final Examinations in History, History of Religions, … , Economics, …, Military Science, Naval Science (June, 1941).

 

Image Source:  John Henry Williams from the Harvard Class Album 1950.