. Cycles of prosperity and depression in the United States, Great Britain and Germany; a study of monthly data 1902-1908 . w E 0 e C V a>> e 3! 2 1* 1 1 S o Bl 6 ? CC c5. a s 8 o hi S - J 3PS 1 E 1 &] c 1 HANSEN—CYCLES OF PROSPERITY AND DEPRESSION 31CHART 2. 3,00 1902 1903 1904 1906 1906 1907 1908 3. THE BANKING GROUP The third grouping derived from the twenty-three seriesthrough tests of correlation was the Banking Group. To thisgroup belong the reserves of the banks, bank deposits, bankloans and discounts, call loan rates and commercial paperrates. The index numbers for these seri
. Cycles of prosperity and depression in the United States, Great Britain and Germany; a study of monthly data 1902-1908 . w E 0 e C V a>> e 3! 2 1* 1 1 S o Bl 6 ? CC c5. a s 8 o hi S - J 3PS 1 E 1 &] c 1 HANSEN—CYCLES OF PROSPERITY AND DEPRESSION 31CHART 2. 3,00 1902 1903 1904 1906 1906 1907 1908 3. THE BANKING GROUP The third grouping derived from the twenty-three seriesthrough tests of correlation was the Banking Group. To thisgroup belong the reserves of the banks, bank deposits, bankloans and discounts, call loan rates and commercial paperrates. The index numbers for these series are found inTable C. For our period direct correlation is found to exist betweenthe first three series named. When bank reserves are largeit is found that bank loans and deposit liabilities are diminished reserves it is found that loans are contracted 32 UNIVERSITY OF WISCONSIN STUDIES and with that goes a diminution of bank deposits. The re-maining two series in the group correlate in inverse ratio withthe rest of the group. Money rates are high when bank re-serves are depleted, and low when there is a plethora of reserves, deposits and loans drop during the period ofprosperity and find their lowest level at the crisis period,
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