Work

A Weekly Rational Expectations Model of the Nonborrowed Reserve Operating Procedure

Year: 1986

Type: preprint

Abstract: Of the many studies analyzing the Federal Reserve’s post-October 6, 1979 nonborrowed reserve (NBR) operating procedure, none has focused on weekly money market dynamics under rational expectations. This paper employs the rational expectations assumption in an explicit institutional model of the NBR procedure. The analysis is positive rather than normative, isolating the policy elements that comprise the procedure and investigating their dynamic interaction.

Source: SSRN Electronic Journal

Authors: Marvin Goodfriend, Gary J. Anderson, Anil Kashyap, George R. Moore, Richard D. Porter

Institutions: National Bureau of Economic Research, Carnegie Mellon University

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W1552497825

Cites: 11

Cited by: 11

Related to: 10