Journal Article
Federal Reserve control of credit
Abstract: In the early days of the Federal Reserve, changes in the discount rate were the principal instrument through which the central bank exercised control over credit conditions. In this -address, Strong explains the use of discount rate changes as a means of controlling the volume of credit and influencing interest rate movements. He considers criteria for discount rate changes, concluding that in the absence of gold movements under a reestablished gold standard, policy makers have no option but to look to general economic conditions.
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Provider: Federal Reserve Bank of New York
Part of Series: Quarterly Review
Publication Date: 1989
Issue: Special
Pages: 6-14