The federal reserve operating procedure, 1984–1990: An empirical analysis

摘要: Abstract The operating procedure employed by the Federal Reserve has important implications for behavior of interest rates and money growth. We present a simple theoretical model that encompasses both Funds Rate Borrowed Reserves procedure. then examine VAR reserve market from February 1984 through April 1990 to ascertain actual reserves rates. Comparing alternative predictions with results estimated gives us another perspective on Reserve. evidence suggests Fed's been closer than