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BANK PANIC OF 1907: A relatively serious economic downturn, that is business-cycle contraction, in 1907 that was caused by serious, big-time, instability in the banking system. This major bank panic was so severe (the term depression is more applicable than recession) that it prompted Congress to establish the Federal Reserve System, which came into existence in 1913. See fractional-reserve banking.

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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy Page: 17 of 20

Topic: Moral Suasion <=PAGE BACK | PAGE NEXT=>

In addition to open market operations, discount rate, and reserve requirements, the Fed has an additional tool called moral suasion.

Moral suasion:

  • It is a policy in which the Fed, usually the Chairman of the Board of Governors, requests that the banking system take some sort of action.
  • These requests are usually contrary to what banks are currently doing and likely to do under current economic conditions.
  • Moral suasion can and does work in the short run, especially during crisis periods.

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CURRENT PRODUCTION

The production of final goods and services that takes place during a given time period. The emphasis here is on time period, especially the CURRENT time period. The macroeconomy's prime measure of current production is gross domestic product. Current production is best contrasted with transactions for past production and future production, both of which are excluded from gross domestic product.

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RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?

Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

-- Charles M. Schwab

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