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Bank Financing of the Recovery - Review

While recovery periods display many common characteristics, each such period has its own unique features which distinguish it from other recoveries. A unique feature of the current recovery period is the lack of growth of bank loans. In previous recoveries, total loans of commercial banks have increased soon after recession troughs; in the current recovery period, total loans have remained essentially unchanged since the March 1975 trough in economic activity.

research.stlouisfed.org/publications/review/1976/07/01/bank-financing-of-the-recovery

The Link Between Money and Prices—1971-76 - Review

That group which gathers under the banner of monetarism has long blamed excessive monetary expansion as the source of inflation. They have argued that inflation, as a persistent increase in the general price level, results solely from a maintained expansion of the money stock at rates in excess of increases in the amount of money demanded in the economy. The validity of this view, or at least its usefulness, rests on the issue of whether or not its predictions are consistent with the evidence.

research.stlouisfed.org/.../review/1976/06/01/the-link-between-money-and-prices1511971-76

An Explanation of Movements in Short-Term Interest Rates - Review

Virtually all central banks are concerned about movements in interest rates since, rightly or wrongly, the public usually regards the central bank as being responsible for such movements. An influential body of economic analysis also assigns considerable importance to the effects of movements in interest rates on economic activity. In addition, central banks have traditionally been concerned with the stability or viability of financial markets, where such stability and viability is usually viewed as being endangered by substantial fluctuations of interest rates.

research.stlouisfed.org/.../1976/07/01/an-explanation-of-movements-in-short-term-interest-rates