Controlling Monetary Aggregates II: the Implementation: Proceedings

actual annual rate bank credit Bank of St bank reserves coefficients commercial banks Committee control M₁ CONTROL Steady control variable demand deposits demand for money desired deviations Economist effect equations estimates excess reserves expected factors Federal funds rate Federal Reserve Bank Federal Reserve System fluctuations FOMC forecasting error Government deposits growth rate hypothesis implications increase interest rates interest-rate long-run Louis M₁ growth member bank monetarist monetary aggregates monetary policy monetary shock money demand money growth money multiplier money stock control money supply money-market conditions monthly model nonborrowed reserves open market operations open-market strategy paper path percentage point period Pierce and Thomson predict price level problem projected relationships quarterly rate of change rate of growth rate of money regression reserve aggregate reserve growth reserve requirements Reserve's responses of output revisions RPD target simulation source base stock of money Treasury trend rate U.S. Government