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A weekly perfect foresight model of the nonborrowed reserve operating procedure

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Author Info

  • Marvin Goodfriend
  • Gary Anderson
  • Anil Kashyap
  • George Moore
  • Richard D. Porter

Abstract

Of the many studies analyzing the Federal Reserve's post-October 6, 1979 nonborrowed reserve (NBR) operating procedure, none has focused upon weekly money market dynamics under rational expectations. This paper employs the rational expectations assumption in an explicit institutional model of the NBR procedure. The paper is positive rather than normative, isolating the policy elements that comprise the procedure and investigating their dynamic interaction.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 84-04.

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Date of creation: 1984
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Handle: RePEc:fip:fedrwp:84-04

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Related research

Keywords: Monetary policy - United States ; Bank reserves;

References

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  1. Carl E. Walsh, 1982. "The effects of alternative operating procedures on economic and financial relationships," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 133-180.
  2. Anderson, Richard G & Rasche, Robert H, 1982. "What Do Money Market Models Tell Us about How to Implement Monetary Policy?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(4), pages 796-828, November.
  3. Santomero, Anthony M, 1983. " Controlling Monetary Aggregates: The Discount Window," Journal of Finance, American Finance Association, vol. 38(3), pages 827-43, June.
  4. P.A. Tinsley & P. von zur Muehlen & G. Fries, 1982. "The short-run volatility of money stock targeting," Special Studies Papers 169, Board of Governors of the Federal Reserve System (U.S.).
  5. Farr, Helen T & Porter, Richard D, 1982. "Comment on "What Do Money Market Models Tell Us about How to Implement Monetary Policy?"," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(4), pages 857-68, November.
  6. Judd, John P & Scadding, John L, 1982. "Comment on "What Do Money Market Models Tell Us about How to Implement Monetary Policy?"," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(4), pages 868-77, November.
  7. Bryant, Ralph C, 1982. "Federal Reserve Control of the Money Stock," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(4), pages 597-625, November.
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Cited by:
  1. Timothy Cook, 1989. "Determinants of the federal funds rate: 1979-1982," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 3-19.
  2. Robert B. Avery & Myron L. Kwast, 1993. "Money and interest rates under a reserves operating target," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 24-34.
  3. Robert L. Hetzel, 1986. "Monetary policy in the early 1980s," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 20-32.
  4. Joseph G. Haubrich & Paul Wachtel, 1993. "Capital requirements and shifts in commercial bank portfolios," Economic Review, Federal Reserve Bank of Cleveland, issue Q III, pages 2-15.
  5. Robert H. Rasche, 1985. "Interest rate volatility and alternative monetary control procedure," Economic Review, Federal Reserve Bank of San Francisco, issue Sum, pages 46-63.
  6. Timothy Q. Cook, 1988. "Determinants of the Federal funds rate: 1979 - 1982," Working Paper 88-07, Federal Reserve Bank of Richmond.
  7. Tabellini, Guido, 1987. "Secrecy of Monetary Policy and the Variability of Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(4), pages 425-36, November.

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