“IN THE FUTURE THE AMERICAN MONEY MARKET WILL BE WELL-PROTECTED AGAINST THE FINANCIAL STRAIN ARISING FROM THE PAYMENT OF FOREIGN DEBTS”

HICKERNELL, Warren F. Financial and Business Forecasting. No place: Bureau of Business Conditions, 1928. Two volumes. Octavo, original burgundy cloth. $1400.

First edition of this work on understanding business cycles and using them for forecasting and investment.

Inspired by a Yale doctoral dissertation on business cycles and various 19th-century monthly averages for commodities and bank shares, this work was written for business men and was intended to sketch a picture of American panics and depressions and explain the reasons for them. Here, Hickernell examines such issues as credit policy and the federal reserve banks and comes up with a fascinating analysis of how government policy should work in order to prevent panics like the ones that happened throughout the 19th century. Hickernell also offers advice on how to apply that information to investments, in terms of forecasting and financial analysis. Pencil index. Scattered pencil annotations and markings.

A very nearly fine copy.