Home About Latest Browse RSS Advanced Search

Federal Reserve Bank of Richmond
Working Paper
A weekly perfect foresight model of the nonborrowed reserve operating procedure
Marvin Goodfriend
Gary S. Anderson
Anil K. Kashyap
George R. Moore
Richard D. Porter
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.


Download Full text
Download Full text
Cite this item
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.
More from this series
JEL Classification:
Subject headings:
Keywords: Monetary policy - United States ; Bank reserves
For corrections, contact Christian Pascasio ()
Fed-in-Print is the central catalog of publications within the Federal Reserve System. It is managed and hosted by the Economic Research Division, Federal Reserve Bank of St. Louis.

Privacy Legal