PRODUCT CONTROL IS A PROBLEM AT THE FED

PRODUCT CONTROL IS A PROBLEM AT THE FED

In January, 1972, the Fed's Open Market Committee switched the primary emphasis in their instructions from the federal funds rate to the level of total reserves. In February, 1972, they replaced the latter number with RPD's - the volume of reserves available to support private nonbank depo...

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Veröffentlicht in:Financial analysts journal 1974-01, Vol.30 (1), p.82
1. Verfasser: Edgar, S Michael
Format: Artikel
Sprache:eng
Schlagworte:
Economic policy
Interest rates
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Zusammenfassung:In January, 1972, the Fed's Open Market Committee switched the primary emphasis in their instructions from the federal funds rate to the level of total reserves. In February, 1972, they replaced the latter number with RPD's - the volume of reserves available to support private nonbank deposits. How well RPD's have served the Fed as a proxy for the money supply can be judged from evidence reviewed in this article.
ISSN:0015-198X
1938-3312