NONMEMBER BANKS AND EMPIRICAL MEASURES OF THE VARIABILITY OF RESERVES AND MONEY: A THEORETICAL APPRAISAL

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  • Kenneth J. Kopecky

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    • Economist, Board of Governors, Federal Reserve System. The views expressed in this paper do not necessarily represent the views of the Board of Governors of the Federal Reserve System. I wish to thank W. Barnett, J. Enzler, L. Gramley, D. Hester, D. Laufenberg, D. Lindsey, J. Paulus, and two referees, for this Journal, Edward Kane and Anthony Santomero, for their comments and suggestions. All errors are, of course, my responsibility.

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