Journal Article National Central Banking and the International Economy Get access R. Triffin R. Triffin Washington Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 14, Issue 2, 1946, Pages 53–75, https://doi.org/10.2307/2296086 Published: 01 September 1946

Journal Article A Comment Get access R. F. Harrod R. F. Harrod Oxford Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 14, Issue 2, 1946, Pages 95–97, https://doi.org/10.2307/2296089 Published: 01 September 1946

Journal Article Distribution Methods and Costs in the U.S.A. Get access R. W. Evely R. W. Evely London Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 14, Issue 1, 1946, Pages 16–33, https://doi.org/10.2307/2295754 Published: 01 April 1946

Historical background, 250.— The 1934 Amendments, 252.—-The meaning of "craft or class, " 253. — The meaning of "carrier, " 256. — The race question and the bargaining unit, 260. — The foremen and the bargaining unit, 263. — The bargaining unit in the air transport industry, 265. — Conclusions, 266.

I. Introduction, 340. — II. Theory of credit control via member bank reserves, 341. — III. Impairment of the essential conditions of effective credit control, 341. — IV. Effects of Federal Reserve policies on the portfolio policies of member banks, 344. — V. Present status of Federal Reserve credit control policies, 345. — VI. Proposals for reform, 346.

If divisible commodities in a barter market are cleared by higgling until no further exchange takes place, prices may be shown to be a simple function of the quantities traded. Assume that A, B ***, N units (pounds, bushels, yards, etc.) of various commodities are sold in portions Ai+A2+ +An =A) Bi+B2+ * +Bn=B, C1+C2+.. +Cn=C, etc., at theoretical prices, respectively, a, b, ***, n to be deduced, then barter in terms of commodities, irrespective of persons, may be expressed by the equations appearing in Table 1, in which each column as well as each row totals zero. If, therefore, the quantities AI+A2+ * * * +An=A, etc., are given, the ratios a:b:c: ... :n are determined. And if a price standard is assumed-e.g., the value of a pound of A =$1.0-then all prices may be computed.' The same market may be pictured as a money economy by assuming that each trader correctly estimates the value of the commodity he brings to market and obtains bank credit in this amount. This credit finances all the purchases, and at the end of the market day each trader is able to pay back the borrowed credit. If the services of the banker are included as one of the commodities exchanged, the market balances as before.