A Process Analysis of Bank Credit Expansion

Rutledge Vining

The Quarterly Journal of Economics, 1940, vol. 54, issue 4_Part_1, 599-623

Abstract: Purpose of the study, 599.— I. Similarity between Phillips' analysis and one version of the multiplier, 600.— The Keynesian analysis, 600.— Integration of Phillips' analysis with the analysis of income circulation implied in the concept of the multiplier: five sequences, 601.— The identity of savings and investment and the concept of the instantaneous multiplier, 609.— Varying the assumptions, 610.— One bank, 612.— Constant addition to bank reserves, 612.— Lundberg's model sequences, 614.— II. Suggestions for systematizing banking theory: definitions, axioms and syllogisms to be kept in mind, 615; secular increases of voluntary deposit holdings and the volume of banks' loans and investments, 620; commercial banks and the marginal propensity to spend, 622; liquidity and shiftability of bank assets, 622.

Date: 1940
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