Food Stamps represent nearly $11 billion of personal income in the United States. The coupons that are issued to represent the purchasing power available to recipients are also reserves for the commercial banking system.This study asks how closely these coupons are substitutable for what is...

1 Introduction -- Alternative Approaches to Money Stock Control -- Money Multiplier Forecasting -- Goals and Organization -- Summary of Results and Conclusions -- 2 The Money Multiplier Framework -- Derivation of Pre-1980 Money Multipliers -- Derivation of Post-1980 Money Multipliers --...