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Seasonal borrowing and open market operations


  • E.J. Stevens


A review of the Federal Reserve's seasonal borrowing program, including 1) an investigation of the original rationale for the program, 2) a determination of how changes in financial market structure during the intervening years may have affected that rationale, and 3) an exploration of how seasonal borrowing complicates monetary policy implementation.

Suggested Citation

  • E.J. Stevens, 1990. "Seasonal borrowing and open market operations," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 29-40.
  • Handle: RePEc:fip:fedcer:y:1990:i:qii:p:29-40:n:v.26no.2

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    References listed on IDEAS

    1. Daniel L. Thornton, 1988. "The borrowed-reserves operating procedures: theory and evidence," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 30-54.
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