The Economics of Inflation: The Basis of Contemporary American Monetary Policy

The Economics of Inflation: The Basis of Contemporary American Monetary Policy

The Economics of Inflation: The Basis of Contemporary American Monetary Policy

The Economics of Inflation: The Basis of Contemporary American Monetary Policy

Excerpt

During the years 1932-33 the Banking Seminar of Columbia University conducted an investigation into the current position of banking in the United States, which has since been published as The Banking Situation. This work was undertaken and carried through with the aid of a special grant made by the Columbia University Council for Research in the Social Sciences, for the purpose of furthering and supporting economic inquiry. The present monograph is a companion volume and, like its predecessor, embodies the work carried on by the Banking Seminar of the School of Business, Columbia University. The basic statistical and other incidental costs have been borne by the Council for Research in the Social Sciences. While Part I of the monograph has been prepared by the instructors in charge, Part II is the contribution of the various members of the Seminar, each working upon a designated specialized topic believed to have an important bearing on some phase of the inflation problem, as developed during recent years. These studies necessarily, in many cases, depend upon background data covering a period of years prior to the year 1933; which, so far as herein given, are intended primarily as explanatory of the current situation. The monograph itself is designed as a study of contemporary practice viewed in the light of economic theory.

Inasmuch as each contributor to the volume is specifically named and his contribution definitely ascribed to him at the point where it appears, no acknowledgments are here necessary, except to say that the editors have enjoyed the collaboration, assistance, and valuable suggestions of the members of the Seminar throughout the entire course of the work and have profited materially from their criticisms.

H. PARKER WILLIS

JOHN M. CHAPMAN

NEW YORK MAY, 1935 . . .

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