A weekly perfect foresight model of the nonborrowed reserve operating procedure

Of the many studies analyzing the Federal Reserve's post-October 6, 1979 nonborrowed reserve (NBR) operating procedure, none has focused upon weekly money market dynamics under rational expectations. This paper employs the rational expectations assumption in an explicit institutional model of the NBR procedure. The paper is positive rather than normative, isolating the policy elements that comprise the procedure and investigating their dynamic interaction.

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Year of publication:	1984
Authors:	Goodfriend, Marvin ; Anderson, Gary ; Kashyap, Anil ; Moore, George ; Porter, Richard D.
Institutions:	Federal Reserve Bank of Richmond
Subject:	Monetary policy - United States \| Bank reserves

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Extent:	text/html application/pdf
Series:	Working Paper.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 84-04
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004993968