haku: @author Thornton, D. L. / yhteensä: 3
viite: 2 / 3
Tekijä: | Thornton, D. L. |
Otsikko: | The Federal ReserveĀ“s operating procedure, nonborrowed reserves, borrowed reserves and the liquidity effect |
Lehti: | Journal of Banking and Finance
2001 : SEP, VOL. 25:9, p. 1717-1739 |
Asiasana: | LIQUIDITY VECTOR AUTOREGRESSION MODELS |
Vapaa asiasana: | RESERVES |
Kieli: | eng |
Tiivistelmä: | Recently, a number of researchers claim to have found evidence of a statistically significant liquidity effect in a recursive structural VAR using nonborrowed reserves (NBR). It is claimed that innovations to NBR reflect the exogenous policy actions of the Fed. This paper argues that the opposite is true. |
SCIMA