Higher Member Bank Reserve Ratios in 1936 and 1937 Did Not Cause the Relapse into Depression

L. G. Telser

Journal of Post Keynesian Economics, 2001, vol. 24, issue 2, 205-216

Abstract: Examination of both sides of member banks’ balance sheets reveals evidence that refutes the claim that higher member bank reserve ratios imposed by the Federal Reserve Board of Governors in 1936 and 1937 caused the relapse of the U.S. economy into depression. Member banks responded to higher reserves by selling some of their U.S. Treasury paper and did not reduce their loans to business.

Date: 2001
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DOI: 10.1080/01603477.2001.11490323

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