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Monetary Control under Alternative Operating Procedures

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  • Dotsey, Michael

Abstract

This paper provides a detailed examination of various money stock control procedures in a rational expectations environment. A major result is that borrowed reserve targeting is not necessarily equivalent to a noisy funds rate instrument. However, total reserve control, under contemporaneous reserve requirements, provides the most efficient control of money, but also leads to greater volatility in interest rates. Copyright 1989 by Ohio State University Press.

Suggested Citation

  • Dotsey, Michael, 1989. "Monetary Control under Alternative Operating Procedures," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(3), pages 273-290, August.
    • Handle: RePEc:mcb:jmoncb:v:21:y:1989:i:3:p:273-90
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    Cited by:

    1. Michael Dotsey & Christopher Otrok, 1994. "M2 and monetary policy: a critical review of the recent debate," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 41-49.
    2. Pearce, Douglas K, 1993. "Discount Window Borrowing and Federal Reserve Operating Regimes," Economic Inquiry, Western Economic Association International, vol. 31(4), pages 564-579, October.
    3. Michael Dotsey, 1991. "Open Market Operations in Australia: A US Perspective," The Economic Record, The Economic Society of Australia, vol. 67(3), pages 243-256, September.

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