The Borrowed-Reserves Operating Procedure: Theory and Evidence
نویسندگان
چکیده
N [AlE 1982, the Ceder-al Reserve switched from a nonborrowed-r-eserves to a bom-n’owed-r-esemves operating procedune.’ Analysts genem-ally believe that the adoption of this pr-ocedure, which involves the use of a “borrowings assumption” specified by the Federal Open Market Committee (CONIC), n’epresents a policy reversal towar-d the setting of the fedem-al funds n-ate and away from direct money stock contr-ol.
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