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Working Papers

September 1981, No. 81-2

Discount Window Borrowing, Monetary Policy, and the Post-October 6, 1979, Federal Reserve Operating Procedure

Marvin Goodfriend

(WP 81-2 replaces an earlier version listed as WP 81-1)

This paper is intended to be an analysis of discount window borrowing as it relates to more general issues of monetary control. The topic deserves a new look because of the central role of discount window borrowing under the post-October 6, 1979 "reserve targeting" operating strategy.

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