The Reserve Banks and the Money Market

acceptances amount average balances Bank of England bank of issue bank reserves bankers Banking Act banking system bill market billion dollars Board of Governors cent central bank certificates changes chapter checks clearing house collection commercial banks commercial paper Committee country's credit conditions credit policy credit situation currency debt demand deposits depression directors discount rate economic effect elasticity eligible paper excess reserves exchange Federal Reserve Act Federal Reserve Banks Federal Reserve Board Federal Reserve credit Federal Reserve notes Federal Reserve policy Federal Reserve System financing fluctuations foreign government securities increase influence interest rates loans and investments member banks ment MILLIONS OF DOLLARS monetary money conditions money market money rates movement national banks open market open-market operations payment period purchases reason rediscount reduced Reserve Bank credit reserve funds reserve requirements result serve Banks stability statement tion trade transactions Treasury United York City banks