Modern Money Mechanics
"Modern Money Mechanics" was a booklet published and distributed by the Federal Reserve Bank of Chicago, originally written by Dorothy M. Nichols in May 1961. Described as a "workbook on bank reserves and deposit expansion", the text offers a detailed description of the basic process of money creation in a fractional reserve banking system. The approach taken illustrates the changes in bank balance sheets that occur when deposits in banks change as a result of monetary action by the Federal Reserve System.
The booklet is now out of print.
- May 1968
- September 1971
- June 1975
- October 1982
- June 1992 (revision prepared by Anne Marie L. Gonczy)
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- Modern Money Mechanics, February 1994 (out of print)