(6)公开市场政策与贴现政策对于物价之影响
贴现是银行放款之一种，是以商业票据为对象。票据持有人大都是商家。他们得到资金的通融，就可再从事于新的货物的买卖，故贴现是奖励货物购买的一个有效办法。收买证券后所放出的资金不一定增加市场的购买力，因为证券持有人得到资金以后，或许即以之存于银行，作为存款，而此存款不一定用以购物，此不同者一。又买卖证券政策可由银行发动，而贴现政策须由商家发动，此不同者二。
“Money issued by way of loan is pretty certain to enter the streamof effective purchasing power，while money issued by way of purchase of securitiesmay in certain circumstances lie idle，since all that has happened is that the public has been tempted to part with a holding of securities to abank in exchange for a bank balance.It does not in the least follow that this credit balance will be used by its owners to purchase goods and services.On the other hand，it is likely that bank advances will be used to buy goods and services of one kind or another.
“The significant difference between these two types of operation is that the purchase and sell of securities can be performed on the initiative of the banking system，while borrowing calls for the initiative of the borrower.”[21]
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