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The “Riefler-Keynes” Doctrine and Federal Reserve Policy in the Great Depression.

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    • Abstract:
      The article offers information on the importance of long-term credit to monetary management and the control of business cycles. Topics discussed include impact of long-term interest rates on the fixed capital spending, central bank monetary operations in the short-term money market exerted an influence on borrowing in all money markets to determine total fixed investment in the economy, and liquidity would lower interest rates on long-term debts and also spur fixed investment.