Seasonal borrowing and open market operations

Edward J. Stevens

Economic Review, 1990, vol. 26, issue Q II, 29-40

Abstract: 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.

Date: 1990
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