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A weekly perfect foresight model of the nonborrowed reserve operating procedure

Gary Anderson, Marvin Goodfriend, Anil Kashyap (), George R. Moore and Richard D. Porter

No 84-04, Working Paper from Federal Reserve Bank of Richmond

Abstract: 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.

Keywords: Monetary policy - United States; Bank reserves (search for similar items in EconPapers)
Date: 1984
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