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Detecting Changes in Federal Reserve Policy
Oleh:
Heebner, A. Gilbert
Jenis:
Article from Bulletin/Magazine
Dalam koleksi:
BUSINESS ECONOMICS vol. 26 no. 3 (1991)
,
page 33-37.
Topik:
federal policy
;
federal
;
reserve policy
Ketersediaan
Perpustakaan Pusat (Semanggi)
Nomor Panggil:
BB20.1
Non-tandon:
1 (dapat dipinjam: 0)
Tandon:
tidak ada
Lihat Detail Induk
Isi artikel
In early 1983 the federal reserve shifted to a "borrowed reserves operating procedure", replacing non borrowed reserves as an operating target. The relative stability of the federal funds rate and the modus operandi under this procedure suggest that it is tantamount to targeting the federal funds rate, the operating target that the fed abandoned in 1979. Because the fed has, in effect, returned to targeting the funds rate, fed watchers can detect changes in policy with considerable accuracy. Their accuracy can be enhanced, however, by knowledge of economic and financial conditions and close study of the published records of meeting of the federal open market committee.
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