Abstract
The french money supply: an attempted explanation ; ; A sfudy of the French money supply reveals that the French banks neutralize as a minimum .70, and probably doser to .80, of movements in fhe unborrowed reserve base. Second, changes in borrowed reserves intensif y the impact of changes in the ratio of money to the reserve base, or the money multiplier. Third, the marginal net yield on bank credit, therefore implicitly the aggregate demand for bank credit, exercise an extremely important influence on the level of borrowed reserves. Fourth, the monetary authorities depend highly on their ability to vary the net rate of return on bank credit.
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