102R. D. H. Macgregor to Harrod , 9 February 1926 [a]



Macgregor thinks it would be desirable to have some foreign lending system explained, and also some lectures on currency exchange; he dealt with the Federal Reserve System in his seminar, but a number of points remained obscure. Macgregor thinks that a course on this subject would stand 4-6 lectures. [1]

  1. 1. This letter seems to reply to a suggestion, formulated by Harrod, that he should lecture on the Federal Reserve System: he announced interest in the subject in letter 98 R to Woodruff on 1 January 1926.

    Thereafter, Harrod often lectured on the Federal Reserve System: the first course took place during Trinity term 1926 (eight hours), and was resumed in 1927-28, 1929-30, 1930-31, 1932-33, 1934-35, 1936-37, and 1938-39 (as announced in the Oxford University Gazette at the beginning of each term). A set of autograph teaching notes, dated 1926 but updated in 1933, 1934, and in or after 1935, is preserved in HP V-106 (ten pages AN, one of which dated 1933). Harrod drew a history of the Federal Reserve System, and discussed its functions and specific features, in comparison with the English central banking system. Pride of place was given to "FR and the crisis", with a detailed chronology of events from the pre-war years to 1925.

    Harrod used the materials elaborated for his lectures in his 1927 memorandum on "The Trade Cycle" (here as essay 5 ), the final section of which is dedicated to the history of the FRS and its policy in response to fluctuations in the level of employment.

    1. a. From All Souls College, Oxford # , ALS, two pages, with envelope addressed to Christ Church, in KHLM 179.

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