Monetary Control under Alternative Operating Procedures

Michael Dotsey

Journal of Money, Credit and Banking, 1989, vol. 21, issue 3, 273-90

Abstract: This paper provides a detailed examination of various money stock control procedures in a rational expectations environment. A major result is that borrowed reserve targeting is not necessarily equivalent to a noisy funds rate instrument. However, total reserve control, under contemporaneous reserve requirements, provides the most efficient control of money, but also leads to greater volatility in interest rates. Copyright 1989 by Ohio State University Press.

Date: 1989
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