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The borrowed-reserves operating procedures: theory and evidence

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Author Info
Daniel L. Thornton

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Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (1988)
Issue (Month): Jan ()
Pages: 30-54
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Handle: RePEc:fip:fedlrv:y:1988:i:jan:p:30-54

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Related research
Keywords: Money supply ; Federal funds market (United States) ; Monetary policy - United States;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March. [Downloadable!] (restricted)
  2. R. Alton Gilbert, 1985. "Operating procedures for conducting monetary policy," Review, Federal Reserve Bank of St. Louis, issue Feb. [Downloadable!]
  3. Plosser, Charles I & Schwert, G William & White, Halbert, 1982. "Differencing as a Test of Specification," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 535-52, October. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. R.W. Hafer & Scott E. Hein, 1989. "Comparing futures and survey forecasts of near-term Treasury bill rates," Review, Federal Reserve Bank of St. Louis, issue May, pages 33-42. [Downloadable!]
  2. Daniel L. Thornton, 2005. "When did the FOMC begin targeting the federal funds rate? what the verbatim transcripts tell us," Working Papers 2004-015, Federal Reserve Bank of St. Louis. [Downloadable!]
  3. William T. Gavin & Finn E. Kydland, 2000. "The nominal facts and the October 1979 policy change," Working Papers 2000-013, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  4. Thornton, Daniel L., 2000. "The relationship between the federal funds rate and the Fed's federal funds rate target : is it open market or open mouth operations?," Discussion Paper Series 1: Economic Studies 2000,09, Deutsche Bundesbank, Research Centre. [Downloadable!]
    Other versions:
  5. Marvin Goodfriend, 1993. "Interest rate policy and the inflation scare problem: 1979-1992," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 1-24. [Downloadable!]
    Other versions:
  6. Daniel L. Thornton, 1998. "The Federal Reserve's operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect," Working Papers 1998-009, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  7. Dimitri B. Papadimitriou & L. Randall Wray, . "Targeting Inflation, The Effects of Monetary Policy on the CPI and Its Housing Component," Economics Public Policy Brief Archive 27, Levy Economics Institute, The. [Downloadable!]
  8. John Wenninger & Wiliam Lee, 1993. "Federal Reserve operating procedures and institutional change," Proceedings, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  9. Lucio Sarno & Daniel L. Thornton, 2002. "The dynamic relationship between the federal funds rate and the Treasury bill rate: an empirical investigation," Working Papers 2000-032, Federal Reserve Bank of St. Louis. [Downloadable!]
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  10. Ken B. Cyree & Mark D. Griffiths & Drew B. Winters, 2003. "On the pervasive effects of Federal Reserve settlement regulations," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 27-46. [Downloadable!]
  11. Allan D. Brunner & Cara S. Lown, 1993. "Implementing short-run monetary policy with lower reserve requirements," Proceedings, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  12. Katherine A. Samolyk, 1990. "In search of the elusive credit view: testing for a credit channel in modern Great Britain," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 16-28. [Downloadable!]
  13. Daniel L. Thornton, 1989. "Tests of covered interest rate parity," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 55-66. [Downloadable!]
  14. Dimitri B. Papadimitriou & L. Randall Wray, 1999. "Flying Blind: The Federal Reserve's Experiment with Unobservables," Macroeconomics 9903011, EconWPA. [Downloadable!]
  15. Daniel L. Thornton, 1996. "Identifying the liquidity effect: the case of nonborrowed reserves," Working Papers 1996-002, Federal Reserve Bank of St. Louis. [Downloadable!]
  16. Daniel Thornton & David C. Wheelock, 2000. "A history of the asymmetric policy directive," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 1-16. [Downloadable!]
  17. Ben Bernanke & Frederic Mishkin, 1993. "Central Bank Behavior and the Strategy of Monetary Policy: Observations From Six Industrialized Countries," NBER Working Papers 4082, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  18. Daniel L. Thornton, 1988. "Why do market interest rates respond to money announcements?," Working Papers 1988-002, Federal Reserve Bank of St. Louis. [Downloadable!]
  19. E.J. Stevens, 1990. "Seasonal borrowing and open market operations," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 29-40. [Downloadable!]
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