Money and Interest Rates under a Reserves Operating Target
使用1979-1982年日度数据，研究非借入准备金、联邦基金利率与交易账户之间的短期动态关系，发现基金利率对准备金变化反应迅速，但交易账户的乘数仅为理论最大值的18%。
This study examines the short-run dynamic relationships between nonborrowed reserves, the federal funds rate, and transaction accounts using daily data from 1979 through 1982. Separate models are estimated for each day of the week, and simulation experiments are performed. The results suggest that the funds rate responded quite rapidly to a change in nonborrowed reserves, but that the short-run nonborrowed reserves multiplier for transaction accounts was only about 18 percent of its theoretical maximum. In addition, the Federal Reserve appeared to accommodate about 65 percent of a permanent shock to money, and lagged reserve requirements seemed to delay depository institutions' response to a money shock.