Federal Reserve System discount policy: an appraisal.
DOI:
https://doi.org/10.13133/2037-3643/11973Keywords:
Stabilisation, monetary authorities, discount policy, Federal ReserveAbstract
The post-war period has witnessed a renewed interest and confidence in classical monetary techniques. Moreover, it is not likely that the share of responsibility for economic stabilisation now borne by the monetary authorities will lessen in the near future. The present article examines the current discount policy of the Federal Reserve and the basic question of its proper role. The author outlines some of the interesting points of view in the contemporary discussion. Beyond this, an attempt is made to resolve the fundamental issue of whether or not the current policy is the best possible.
JEL: E52, E58, E63, E65
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