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Money and Economic Activity
The American Monetary System
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activity addition American amount assets authorities balances bank reserves banking system billion bills Board bonds borrowing capital cash central changes checks commercial banks consume consumption cost currency debt demand deposits direct dollar economic effect employment equal excess exchange exist expansion expenditures exports factors fall Federal Reserve Federal Reserve banks Figure finance flow forces funds gold held hold important income increase individual institutions interest investment issues lending less liabilities liquidity loans marginal member banks ment monetary notes operations payments percent period position price level production purchases quantity rate of interest reduce relative requirements Reserve banks Reserve System result rise savings securities serve stability standard supply Table theory tion trade transactions Treasury United volume York