Seasonal Borrowing and Open Market Operations
回顾美联储季节性借贷项目，探讨其原始理由、金融市场结构变化对理由的影响，以及季节性借贷如何使货币政策实施复杂化。
A review of the Federal Reserve's seasonal borrowing program, including 1) an investigation of the original rationale for the program, 2) a determination of how changes in financial market structure during the intervening years may have affected that rationale, and 3) an exploration of how seasonal borrowing complicates monetary policy implementation.