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Defining the monetary base in a deregulated financial system

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  • Edward J. Stevens

Abstract

An examination of how the diminishing role of reserve requirements has made the monetary base a less useful measure of monetary policy than in previous years.

Suggested Citation

  • Edward J. Stevens, 1995. "Defining the monetary base in a deregulated financial system," Working Paper 9514, Federal Reserve Bank of Cleveland.
  • Handle: RePEc:fip:fedcwp:9514
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    References listed on IDEAS

    as
    1. E.J. Stevens, 1993. "Required clearing balances," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 2-14.
    2. George A. Selgin & Lawrence H. White, 1994. "How Would the Invisible Hand Handle Money?," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1718-1749, December.
    3. Michelle R. Garfinkel & Daniel L. Thornton, 1991. "Alternative measures of the monetary base: what are the differences and are they important?," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 19-35.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    Money supply ; Bank reserves;

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