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Detailed analysis in comparison with others and consequently that this motive lessIt is understood, - and consequently that it acts as extremely important transmitting link in
Action of changes of quantity of money.
In normal circumstances quantity of the money required that To satisfy motives of the circulation and precaution, depends mainly
From the general activity of economic system and from money income level. But
By means of effect on a speculative motive management of the monetary System (and in the absence of such management - casual changes Quantities of money) leads to desirable economic results. Demand on The money, answering to other motives, on what that usually would not react There were effects, except for cases of the valid changes of level The general economic activity and income size. At the same time experience Shows that an aggregate demand on the money, answering to the speculative
To motive, usually flexibly reacts to gradual changes of norm of percent, it.
- . There is the continuous curve connecting change of demand for money on To speculative reasons and change of norm of the percent, set Changes of bond prices and promissory notes of different terms.
Really, if it was not so, "open market operations"
Would be impracticable. I have told that experience confirms availability such
Continuous communication, because under normal circumstances the bank
The system actually always in a condition to purchase (or to sell) bonds in an exchange
On cash, having offered in the market a moderate increase (or concession) in To the price. And than quantity of cash which banks aspire more To create (or to withdraw) by means of purchases (or sales) bonds and debt Obligations, that in a greater degree should fall (or to increase) the norm
Percent. However there, where open market operations were reduced to purchase only
Short-term securities (as in the United States in 1933-1934), them The possible effect, certainly, is limited basically by short-term norm Percent and poorly affects the long-term norm of percent having much - significance.
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