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Discount window borrowing, monetary policy, and the post-October 6, 1979 Federal Reserve operating procedure

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  • Marvin Goodfriend

Abstract

This paper is intended to be an analysis of discount window borrowing as it relates to more general issues of monetary control. The topic deserves a new look because of the central role of discount window borrowing under the post-October 6, 1979 "reserve targeting" operating strategy.

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File URL: http://www.richmondfed.org/publications/research/working_papers/1981/wp_81-2.cfm
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Bibliographic Info

Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 81-02.

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Date of creation: 1981
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Handle: RePEc:fip:fedrwp:81-02

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Related research

Keywords: Monetary policy - United States ; Discount window;

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References

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  1. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
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Citations

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Cited by:
  1. Selva Demiralp & Erhan Artuç, 2007. "Discount Window Borrowing after 2003: The Explicit Reduction in Implicit Costs," Koç University-TUSIAD Economic Research Forum Working Papers 0708, Koc University-TUSIAD Economic Research Forum.
  2. Lakshmi Balasubramanyan & David D. VanHoose, 2012. "Bank balance sheet dynamics under a regulatory liquidity-coverage-ratio constraint," Working Paper 1209, Federal Reserve Bank of Cleveland.
  3. Meixing Dai, 2010. "Financial volatility and optimal instrument choice: A revisit to Poole's analysis," Economics Bulletin, AccessEcon, vol. 30(1), pages 605-613.
  4. Clouse, James A. & Dow Jr., James P., 1999. "Fixed costs and the behavior of the federal funds rate," Journal of Banking & Finance, Elsevier, vol. 23(7), pages 1015-1029, July.
  5. Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Working Paper 88-01, Federal Reserve Bank of Richmond.
  6. Shaffer, Sherrill, 1998. "Capital Requirements and Rational Discount-Window Borrowing," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 849-63, November.
  7. Timothy Cook, 1989. "Determinants of the federal funds rate: 1979-1982," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 3-19.
  8. Marvin Goodfriend, 1986. "A weekly rational expectations model of the nonborrowed reserve operating procedure," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 11-28.
  9. Malamud, Bernard & Assane, Djeto, 2002. "Federal reserve operating strategy: exploiting "pressure" on bank reserves," Journal of Policy Modeling, Elsevier, vol. 24(6), pages 527-532, October.
  10. Dutkowsky, Donald H. & McCoskey, Suzanne K., 2001. "Near integration, bank reluctance, and discount window borrowing," Journal of Banking & Finance, Elsevier, vol. 25(6), pages 1013-1036, June.
  11. Marvin Goodfriend, 1984. "The promises and pitfalls of contemporaneous reserve requirements for the implementation of monetary policy," Economic Review, Federal Reserve Bank of Richmond, issue May, pages 3-12.
  12. Shaffer, Sherrill, 1999. "The discount window and credit availability," Journal of Banking & Finance, Elsevier, vol. 23(9), pages 1383-1406, September.
  13. Robert L. Hetzel, 1988. "The monetary responsibilities of a central bank," Economic Review, Federal Reserve Bank of Richmond, issue Sep, pages 19-31.
  14. Goodhart, Charles A. E. & O'Hara, Maureen, 1997. "High frequency data in financial markets: Issues and applications," Journal of Empirical Finance, Elsevier, vol. 4(2-3), pages 73-114, June.
  15. Etsuro Shioji, 1997. "Identifying monetary policy shocks in Japan," Economics Working Papers 216, Department of Economics and Business, Universitat Pompeu Fabra.

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