The Borrowed-Reserves Operating Procedures: Theory and Evidence

Daniel L. Thornton

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Economic theories and models

Abstract

Daniel L. Thornton analyzes the Federal Reserve’s operating procedure as a method for controlling the money stock or the federal funds rate. Thornton demonstrates that the borrowed reserves operating procedure is not an effective method for controlling the money stock.

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1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1979Distribution of the Estimators for Autoregressive Time Series with a Unit Root 1979Distribution of the Estimators for Autoregressive Time Series With a Unit Root 1991Co-integration and Error Correction: Representation, Estimation, and Testing 1931Money Rates and Money Markets in the United States.1985Operating Procedures for Conducting Monetary Policy

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