COMMERCIAL BANK RESERVE MANAGEMENT IN A STOCHASTIC MODEL: IMPLICATIONS FOR MONETARY POLICY

Authors

  • William Poole

    Search for more papers by this author
    • The author is Assistant Professor of Political Economy, The Johns Hopkins University. I am indebted to Karl Brunner, Edwin S. Mills, Jürg Niehans, Dorothy M. Nichols, and William H. Oakland for many valuable comments on earlier drafts of this paper. I am also indebted to Robert C. Holland of the Board of Governors of the Federal Reserve System for obtaining data and answering numerous technical questions, to Ann Matey for doing some calculations, and to the Social Science Research Council for financial support. Of course, none of the above-mentioned individuals and organizations should be held responsible for any remaining errors or for the conclusions of this paper.

Ancillary