Federal Reserve Bank of Richmond
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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Marvin Goodfriend & Gary S. Anderson & Anil K. Kashyap & George R. Moore & Richard D. Porter, A weekly perfect foresight model of the nonborrowed reserve operating procedure, Federal Reserve Bank of Richmond, Working Paper 84-04, 1984.
Keywords: Monetary policy - United States ; Bank reserves
This item with handle RePEc:fip:fedrwp:84-04
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