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A Weekly Rational Expectations Model of the Nonborrowed Reserve Operating Procedure

By Marvin Goodfriend

Economic Review

Jan/Feb, 1986

EDITOR’S NOTE: This paper, although dealing with an operating procedure no longer employed by the Federal Reserve, is offered for its potential historical and analytical interest to monetary scholars. Note also that the paper’s analysis may become relevant once more should the Fed again choose to target nonborrowed reserves in a future inflationary period.

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