(2)应与贴现政策同时并行
中央银行当然可用买卖证券方法变更其所有资产，但因为它是最后放款者(Lender of last resort)，或有使此政策与贴现政策相抵消之可能。以收买证券而论，只要将证券种类的范围极力扩大，则在再贴现已减至零时，仍能尽量收买证券。反之，出售证券并不一定能减少中央银行所有之证券，因为像1839年一样，票据再贴现较证券出售抵消而尤有余。因此，欲收缩信用，仅仅出售证券还不够，必须与提高贴现率同时并行。
“The central bank can vary its assets directly by buying or selling securities in the open market，but so long as it accepts the functions of the lender of last resort，it may find that these operations are offset by equal decreases or increases of rediscounts.Provided it is given sufficient scope in regard to the classes of securities itmay purchase，the central bank can rely on increasing its securities to any desired extent，for it can go on buying themafter its rediscounts have been reduced to nothing.But it cannot necessarily reduce its securities，for itmay find，as in 1839，that the demand for rediscounts more than replaces the securities sold.To effect a contraction of credit the sales of securitiesmust be supported by a high Bank rate as a deterrent upon rediscounting”.[18]
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