Reserve Requirements and the Integration of Credit Policies

Abstract

I. Origin of the provision for changing reserve requirements of member banks, 553. — II. Nature of the provision as an instrument of credit control, 554. — III. History of its use, 556. — IV. Criticisms: ladk of precision, 558; discrimination, 560; inflexibility, 563. —- V. Relation to Federal Reserve finances, 564. — Security markets, 567. — VI. Effect upon future control of credit, 568. — VII. General conclusion, 570.