Lauchlin Currie

Implications of an Endogenous Theory of Growth in Allyn Young's Macroeconomic Concept of Increasing Returns

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The Failure of Monetary Policy to Prevent the Depression of 1929-32

THE FAILURE OF MONETARY POLICY TO PREVENT THE DEPRESSION OF 1929-32I THERE is probably little need to insist upon the necessity of a correct understanding of the operation of the monetary mechanism in the years immediately preceding the Great Depression. While it is true that no two cycles are ever alike, it is not improbable that the main features of I928-29apparent absence of a real boom in business, accompanied by a great bull movement in stocks-may recur. To those who feel that the monetary mechanism is or can be made an important factor affecting business activity, the course of events in I930-32 is clear evidence that grave mistakes were made by the reserve administration, either by acts of commission or omission. This paper is an attempt to ascertain those mistakes and to suggest how they might have been avoided. Many feel that our recent experience demonstrates the inability of the central bank to influence business conditions significantly, even though it pursues appropriate policies. Sharp issue will be taken with this line of argument. The writers excuse for adding to the already large literature on this subject is that a point of view is presented which, while in general harmony with views expressed by various Euro-

The 100 percent reserve plan: August 12, 1938

Examines, in a paper written in 1938 by Lauchlin Currie, the banking and monetary system of the USA. Presents the 100 percent reserve plan, its claimed advantages and the objections to it. Concludes that a basic reform in the nature of the 100 percent reserve plan is inevitable.

Desirable changes in the administration of the Federal Reserve System[1]

Presents memorandum in the form of a list of Lauchin Curries ideas on changes to the Federal Reserve System that he thought were necessary.

The objectives of the Banking Bill of 1935: Speech in Philadelphia, April 12, 1935

Presents a speech delivered by Lauchlin Currie in April 12, 1935 in Philadelphia on the objectives of the Banking Bill of 1935

The decline in the Federal contribution to the growth in community expenditures: October 19, 1937

Presents the monthly estimates of the Federal Government in the USA from 1932-1937. States that in 1937 the contribution has declined below the levels of the other recent years, reflecting in part a decrease in expenditures but more largely an increase in tax receipts. Investigates how the contribution was measured and its significance. Examines the significance of the 1937 decline in contribution and proposes that there may be a decrement to buying power in the first half of 1938.

PhD thesis: Chapter IX: Bank assets and the business cycle

Presents chapter IX of Lauchlin Curries PhD thesis which discusses bank assets and the business cycle.

1934 letter to FDR

Presents a letter written by Lauchlin Currie in 1934 to the then President of the USA Roosevelt, praising his monetary policy and also offering advice.

Recent developments in international monetary relations[1]: October 1936

Present a paper and an accompanying letter sent to Governor Eccles by Lauchlin Currie, explaining the Tripartite Agreement between Britain, France and the USA and appealing to him to think twice before heeding calls for a return to the gold standard.

Lauchlin Currie's memoirs: Chapter III: The New Deal

Examines Laughlin Curries experiences in helping to implement the New Deal, a new monetary system of Roosevelts administration implemented during the 1930s.