 Coming to Terms with the Scissors EffectMark Toma Chapter Chapter 6 in Monetary Policy and the Onset of the Great Depression, 2013, pp 85-103 from Palgrave Macmillan Abstract: Abstract This chapter tests the scissors effect and related implications of the two discretionary theories, the Riefler-Burgess (RB) Doctrine and the Miron-plus theory, versus the self-regulated theory of Reserve banking, as presented in the previous two chapters. On the whole, I find that the evidence is consistent with the implications of the self-regulated theory, while at least some of the evidence is inconsistent with the implications of the two discretionary theories. For the period, 1922–28, the major findings for the seasonality of monetary aggregates are as follows: 1. Fed credit is seasonal, rising during the harvest season and falling otherwise. Discount loans are seasonal, rising during the harvest season and falling otherwise. Government security holdings are not seasonal.1 2. The monetary base is seasonal, rising during the harvest season and falling otherwise. Currency and its major component, Federal Reserve notes, are seasonal, rising during the harvest season and falling otherwise. Reserves are not seasonal. Keywords: Government Security; Harvest Season; Monetary Aggregate; Seasonal Movement; Monetary Base (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-37162-1_6 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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