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Supply of credit and supply of money The suppty of commercial bank credit, the demand for borrowed reserves, and the supply of money are highly interrelated. Our object is to clarify the relationship between the three and to provide estimates of the supply of bank credit and the supply of money in France (according to various measures of money) based on quarterly data for 1959-71. The estimates confirm a number of detailed hypotheses about French commercial bank behavior. We are able to show the positive effect of the interest rate on commercial bank loans, the negative effect of the rediscount rate, the négative effect of the legal reserve requirement and the wider reserve-loss coefficient of which the legal reserve requirement is a part, the positive effect of foreign reserves, the positive effect of budget deficits, and the positive effect of conversions of currency, postal checking accounts and accounts at the savings banks into commercial bank deposits.

Techniques of the insee and syndical points of view concerning the measure of prices The measure of the general fluctuations of retail price gives rise to discussions between the techniciens of the INSEE and responsible trade-mnionists. These controversies are more especialty about " the monthly index of prices for consumer goods in households tvhose head is a tvorker or an office employee ". They bear at first, from a rather " doctrinal " view point, on the very notion of consumption, about te scope of the index of prices. They deal, then, in a " theoretical " enough prospect, with the level of abstraction of this index and question the validity of averages, the length of time taken for the observations, the taking into accôunt of changes in quality, etc. They emerge, at last, at the level of " appliances ", on the problem of the way to realize the index : how to delimit the reference population whose consumption is at the origin of the index, conditions under which are especially effected the tables of prices.

Reflexions abolit real cash balance epfect : Wealth epfect-distribution efpect dilemma And the production in monetary and fînancial grounds Neo'dassical monetary analysis must choose between assimilate to wealth~effet the real cash balance effect, then reduce drastically its importance in an inside money world, or integrate money by accepting distribution effectf unlike fondamental rules. Three issues to this ditemma are considered. 1) Any money is assimilate to a good as a no debt, that is Pesek and Saving's solution, it seems wrong. 2) Conciliation of debt~money and wealth effect seems incoherent. 3) This paper suggests a renewal of monetary analysis built upon a theorisation of distribution effects : then research on production in monetary and financial grounds can be deepened without wealth effect.

In France, the households occupy an important position in the bond market, in which the government tutelage is still predominant. The fluctuations in the household demand are the doing of those who, being aged and getting high income, seek after a secure investment and a high return after taxation. This helps to understand why progressive-interest bills met with a large success in the past, and why their suppression was lollowed by a certain revival of bond issues. There is somc evidence that smaller transfers occttred from bonds to house property and variable-yield securities, for the sake of the real value of the capital invested. The indexed obligations that were issued in the years 1952-1956 probably met whith great success on the part of shareholders, the archetype of whom somcwhat differs from that of bondholders.