Over the 1919 1925 rise in the volume and value of stock trading led to a measurable increase in the transactions demand to hold cash balances, an increase in demand not recognized or seriously discussed by individuals inside or outside of the system. Had it been recognized, it is unlikely that the Fed would have persisted in its antispeculative policies in 1928 1929, policies associated with rises in interest rates and the beginnings of a downturn in real activity in the second quarter of 1929.
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Volume (Year): 44 (1984) Issue (Month): 02 (June) Pages: 489-498 Download reference. The following formats are available: HTML
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