Regional President Speech

(Distributed by K. R. Bopp to Graduate Group in Economics, University of Pennsylvania, before wham he spoke on "Tight Money" on January 8, 1957« No other notes.) ALTERNATIVE OBJECTIVES AND RELATED PROGRAMS Conditions requiring Conditions requiring Objective or permitting an or permitting a Inherent Bias easing of credit tightening of credit 1. Stable price Declining prices Rising prices level 2. Full employment Less than full Jobs in excess of Expansive employment workers 3. Convertibility High and/or rising Low and/or declining Contractive primary reserves primary reserves k. Productive Increase in monetary Decrease in monetary Chain- credit volume of output volume of output reaction 5• A fixed rate When savings are When savings are Chain- of interest inadequate excessive reaction Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Some Relevant Economic Magnitudes Index Millions of Persons Billions $ Per cent 3 Discount Rate F.R.B.- New York - i ___ s t -*' V Treasury Bill Rate 1 I L.i.1 Ì » » * 1 » I I » 1 i II 1 11 1-1 1.1-LJ-I 1 1 1 1 Ll-l 1 1.1. I 1 11-1-1 1 Li-I L I J-L l 1 L 1-L1- 1952 1953 195^ 1955 1956 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Karl R. Bopp (1957, January 7). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19570108_karl_r_bopp

@misc{wtfs_regional_speeche_19570108_karl_r_bopp,
  author = {Karl R. Bopp},
  title = {Regional President Speech},
  year = {1957},
  month = {Jan},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19570108_karl_r_bopp},
  note = {Retrieved via When the Fed Speaks corpus}
}