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| Tekijä: | Thornton, D. L. |
| Otsikko: | The Federal Reserve´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. |
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