A weekly perfect foresight model of the nonborrowed reserve operating procedure
AbstractOf 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 InfoPaper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 84-04.
Date of creation: 1984
Date of revision:
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