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Determinants of the federal funds rate: 1979-1982

  • Timothy Cook
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    On October 6, 1979 the Federal Reserve, in an effort to improve monetary control, changed its operating procedures to give greater emphasis to managing the growth of bank reserves. Some movements in the federal funds rate under the new procedures were an automatic response to deviations of the money stock from its short-run target. Most, however, resulted from judgmental actions by the Federal Reserve.

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    File URL: https://fraser.stlouisfed.org/docs/publications/frbrichreview/rev_frbrich198901.pdf
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    Article provided by Federal Reserve Bank of Richmond in its journal Economic Review.

    Volume (Year): (1989)
    Issue (Month): Jan ()
    Pages: 3-19

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    Handle: RePEc:fip:fedrer:y:1989:i:jan:p:3-19:n:v.75no.1
    Contact details of provider: Web page: http://www.richmondfed.org/

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    1. David L. Mengle, 1986. "The discount window," Economic Review, Federal Reserve Bank of Richmond, issue May, pages 2-10.
    2. Stephen H. Axilrod, 1985. "U.S. monetary policy in recent years: an overview," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jan, pages 14-24.
    3. Poole, William, 1982. "Federal Reserve Operating Procedures: A Survey and Evaluation of the Historical Record since October 1979," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(4), pages 575-96, November.
    4. Robert L. Hetzel, 1982. "The October 1979 regime of monetary control and the behavior of the money supply in 1980," Economic Review, Federal Reserve Bank of Richmond, issue Jul, pages 3-15.
    5. Marvin Goodfriend, 1981. "Discount window borrowing, monetary policy, and the post-October 6, 1979 Federal Reserve operating procedure," Working Paper 81-02, Federal Reserve Bank of Richmond.
    6. Marvin Goodfriend & Gary Anderson & Anil Kashyap & George Moore & Richard D. Porter, 1984. "A weekly perfect foresight model of the nonborrowed reserve operating procedure," Working Paper 84-04, Federal Reserve Bank of Richmond.
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