Money Supply Control in the U.S.

  • M. L. Burstein


It also is true in London, Paris, Frankfurt, Milan, Zurich. The Federal Reserve’s influence on the American economy radiates out from the New York money market. There is much in monetary economics, so rooted in institutional arrangements, akin to Maitland’s dictum that substantive law is secreted in the interstices of procedure. And physical analogies are correspondingly dubious: there is no close correspondence in monetary economics with say wave-like or corpuscular-like theories of emanation; the money market’s reactions to Federal Reserve actions are not mathematically well defined. For one thing, the Federal Reserve never clearly etches out its programme of action. Nor is it clear that the Board ever has a completely worked out programme: one studies the Board in the way that one studies other organisms uncertainly responding in broadly optimizing ways to phenomena of uncertain purport and origin.


Interest Rate Central Bank Federal Reserve Money Supply Federal Fund 
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  1. 1.
    Cf. M. L. Burstein, Economic Theory: Equilibrium and Change (London: John Wiley; 1968), ch. 13.Google Scholar
  2. 4.
    Cf. James Meigs, Free Reserves and the Money Supply ( Chicago: The University of Chicago Press; 1962 ).Google Scholar
  3. 6.
    Cf. J. M. Keynes, A Tract on Monetary Reform ( London: Macmillan; 1923 ).Google Scholar
  4. 7.
    Cf. M. Friedman and A. J. Schwartz, A Monetary History of the United States ( Princeton: The Princeton University Press; 1963 ).Google Scholar

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© M. L. Burstein 1978

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  • M. L. Burstein

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