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Discount window borrowing, monetary policy, and the post-October 6, 1979 federal reserve operating procedure

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  • Goodfriend, Marvin

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.sciencedirect.com/science/article/B6VBW-45KNKHV-9/2/81ed1b9cf5e35c6e86d191934030c102
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Article provided by Elsevier in its journal Journal of Monetary Economics.

Volume (Year): 12 (1983)
Issue (Month): 3 (September)
Pages: 343-356

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Handle: RePEc:eee:moneco:v:12:y:1983:i:3:p:343-356
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505566

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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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Cited by:

  1. 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.
  2. 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.
  3. Shioji, Etsuro, 1997. "Identifying Monetary Policy Shocks in Japan," CEPR Discussion Papers 1733, C.E.P.R. Discussion Papers.
  4. Meixing Dai, 2010. "Financial volatility and optimal instrument choice: A revisit to Poole's analysis," Economics Bulletin, AccessEcon, vol. 30(1), pages 605-613.
  5. 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.
  6. 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.
  7. 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.
  8. Goodfriend, M. & King, R.G., 1988. "Financial Deregulation, Monetary Policy, And Central Banking," RCER Working Papers 121, University of Rochester - Center for Economic Research (RCER).
  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. 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.
  11. Timothy Cook, 1989. "Determinants of the federal funds rate: 1979-1982," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 3-19.
  12. Balasubramanyan, Lakshmi & VanHoose, David D., 2013. "Bank balance sheet dynamics under a regulatory liquidity-coverage-ratio constraint," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 53-67.
  13. Sherrill Shaffer, 1996. "Capital requirements and rational discount window borrowing," Working Papers 96-4, Federal Reserve Bank of Philadelphia.
  14. Robert L. Hetzel, 1988. "The monetary responsibilities of a central bank," Economic Review, Federal Reserve Bank of Richmond, issue Sep, pages 19-31.
  15. Shaffer, Sherrill, 1999. "The discount window and credit availability," Journal of Banking & Finance, Elsevier, vol. 23(9), pages 1383-1406, September.

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