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The New Financial Environment
The Current and Disappearing Monetary
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asset markets bills interest rate bills rate borrowed reserves chapter comparative statics contractionary dDd dD demand deposits demand for demand demand for reserves demand function deposit market depository institutions determined discount rate discount window dp dp dzh dzf earning assets Effects of Policy endogenous variables equations equilibrium excess reserves expected inflation Federal Reserve financial innovations financial institutions financial sector fixed deposit rate flexible deposit rate function for demand hence indirect effect market-clearing market-determined deposit rate monetary aggregates monetary control monetary policy negative nominal interest rate nominal reserve base nonborrowed reserves partial derivatives Policy and Shocks positive shift price level quantity of demand rate is fixed rate is market rate of growth real reserve base real sector Regulation Q reserve requirement reserve-requirement ratio reserves aggregates result shift parameter Substituting supply function supply of demand total reserves zero