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Working Paper
Alternative reserve concepts as operating targets in monetary policy implementation : specifications of the structural model
Monetary policy is concerned with the ultimate goals of price stability, full employment, and economic growth, and with the short-run stability of financial markets.
Working Paper
Alternative optimal open market strategies : a classical optimization certainty equivalence approach
The Federal Reserve System has historically been criticized for placing too much emphasis on insuring the short-run stability of financial markets and too little emphasis on real sector goals.