Monetary Control under Alternative Operating Procedures
在理性预期环境下详细考察了多种货币存量控制程序，发现借入准备金目标并不等同于有噪声的联邦基金利率工具，而同期准备金要求下的总准备金控制能最有效控制货币，但会导致利率波动更大。
This paper provides a detailed examination of various money stock control procedures in a rational expectations environment. A major result is that borrowed reserve targeting is not necessarily equivalent to a noisy funds rate instrument. However, total reserve control, under contemporaneous reserve requirements, provides the most efficient control of money, but also leads to greater volatility in interest rates. Copyright 1989 by Ohio State University Press.