Board of Governors of the Federal Reserve System

fiscal and monetary policy. JEL Classifications: F31, F41, E30, E01, C81...fiscal and monetary policy and for the desirability of a fast exit from

policy tightening, but these gains were partly offset by concerns about...Treasury Yield* + + *Perpetuity Treasury yield minus Philadelphia Fed

fiscal year without additional borrowing. He reviewed the bank credit ...policy had done more than the mildness of the decline required, if we

gold outflow. Period July- early August August August-eariy September ...Treasury re financing. Promptly thereafter reduced Treasury bill holdings

fiscal policy debate would become stalemated and that monetary policy ...concern and sensitivity to the possibility that a further substantial

POLICY ACTIONS, 1956 Period January February and March April and May Late...Treasury from the System account for gold certificates such amounts of

and, 5 = very unstable. Number of Banks (Mean Ranking) Retail Consumers...Treasury tax and loan accounts. 5 Instruments Used by Different Investors

Treasury fi nancing and the 3rd quarter tax date. Member bank borrowings...gold stock and an increase of about $1 billion in currency in circulation

Policy Implementation, the FOMC authorized purchases of Treasury bills...policy. In particular, purchases of Treasury bills likely will have little

Treasury Secretary Simon testified before the Subcommitte on International...policy to intervene only to curb or prevent disorderly conditions in exchange