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Index
TITLE PAGE
COPYRIGHT PAGE
CONTENTS
LIST OF ILLUSTRATIONS
PREFACE
ACKNOWLEDGMENTS
INTRODUCTION
1. REAL BILLS, BANKS, AND GOLD
THE REAL BILLS DOCTRINE IN COMMERCIAL BANKING
THE ROLE OF THE GOLD STANDARD
THE REAL BILLS DOCTRINE’S FATAL FLAWS
THE DECLINE OF THE GOLD STANDARD
2. THE REAL BILLS DOCTRINE IN THE HISTORY OF MONETARY THOUGHT
LAW’S ERROR
ADAM SMITH
THE ANTI-BULLIONISTS (EARLY 1800S)
HENRY THORNTON’S CRITIQUE
THE DOCTRINE AFTER THORNTON
GERMAN HYPERINFLATION
THE REAL BILLS DOCTRINE AS A METASTABLE MECHANISM
VESTIGIAL REMAINS OF THE DOCTRINE
3. REAL BILLS IN THE COMMERCIAL BANK CLEARINGHOUSE SYSTEM
4. THE REAL BILLS EMPHASIS IN THE FEDERAL RESERVE ACT
5. THE REAL BILLS DOCTRINE AT THE FED BOARD IN THE 1920S
MAKING THE DOCTRINE OPERATIONAL
POLICY GUIDES IN THE BOARD’S 10TH ANNUAL REPORT
REJECTION OF THE QUANTITY THEORY IN STABILIZATION HEARINGS
THE DOCTRINE AND OPEN MARKET OPERATIONS RECONCILED
KEY INDICATORS ESTABLISHED
6. THE QUANTITY THEORY ALTERNATIVE
KEY ELEMENTS OF THE QUANTITY THEORY OF MONEY
REAL EFFECTS IN IRVING FISHER’S QUANTITY THEORETIC TRADE CYCLE
FISHER’S PROPOSED IMPROVEMENT TO THE GOLD STANDARD
CLOSING OBSERVATIONS
7. THE NEW YORK FED’S STABLE PRICE LEVEL POLICY, 1922–1929
8. THE REAL BILLS DOCTRINE IN THE GREAT CONTRACTION, 1929–1933
9. ECONOMISTS’ VIEWS OF FED MONETARY POLICIES, 1932–1933
THE REAL BILLS PERSPECTIVE
THE CASE FOR THE TRADITIONAL GOLD STANDARD
THE PRAGMATIC CONVENTIONAL SOLUTION
RECOMMENDATIONS STEMMING FROM THE CHICAGO CONFERENCE
10. VIEWS ON MONETARY POLICY AFTER THE CHICAGO CONFERENCE
CHARLES O. HARDY
KARL R. BOPP
LESTER CHANDLER’S TRIBUTE TO KARL BOPP IN 1970
A LATER VIEW OF FED POLICY
11. GOLD RESERVE REQUIREMENTS, GOLD STOCKS, AND THE GOLD STANDARD
12. THE WAR ON GOLD
THE GOLD CLAUSE CASES
13. THE (CENTRAL) BANKING ACT OF 1935
14. BANK RESERVE REQUIREMENTS AND THE RECESSION OF 1937–1938
15. TREASURY GOLD POLICY AND THE 1937–1938 RECESSION
16. CONCLUSION: THREE MONETARY STANDARDS AND THE FEDERAL RESERVE
APPENDIX: A SIMPLE SCHEMA OF THE REAL BILLS DOCTRINE
REFERENCES
INDEX
ABOUT THE AUTHORS
ABOUT THE CATO INSTITUTE AND ITS CENTER FOR MONETARY AND FINANCIAL ALTERNATIVES
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