Reserve Accounting and Variability in the Federal Funds Market
The federal-funds market is analyzed under the reserve accounting procedures suggested by Robert D. Laurent (1979) and William Poole (1976). In general, it is shown that the forecast error for the federal-funds rate is smaller when the uncertainty arises from future random shocks. However, the current forecast error for the demand for money has an ambiguous impact on the forecast error for the federal-funds rate under Laurent or Poole's procedure. Copyright 1987 by Ohio State University Press.
Volume (Year): 19 (1987)
Issue (Month): 2 (May)
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