The Central Banks: The International and European Directions

By William Frazer | Go to book overview

NOTES
1.
Actually each regional bank of the Federal Reserve System could set its own rate, and still can, but the practice became one of following the. New York bank for the most part. And because of this practice, one rate can be discussed.
2.
Early stages of the "big model" approach and solutions to them (reduced form equtions, and so on) are covered in Frazer ( 1973, Chapter 14). But refer also to note 10 of Chapter 4.
3.
In its operations in the discount market mostly in commercial and Treasury bills, the Bank of England deals directly with a select group of discount houses ( Staff 1988, 1990). This is not unlike the direct dealing between the Fed in New York and its own select group of money market firms. The major differences between the Bank of England's operations and the Fed's open market operations are three: (1) the Bank of England holds deposits from the banking system to meet financial obligations at the end of each business day, more like a check-clearing operation; (2) the opertions are "defensive," smoothing operations rather than a means of influencing bank reserves as a way of achieving targeted growth in the money and credit aggregates; and (3) the banking system's deposits at the Bank of England are not the system's main reserve component.
4.
Gross national product (GNP) represents the total of expenditures for consumption, government, and private investment in real capital, as well as foreign expenditures for net exports of goods and services (a minus when imports exceed exports). Gross domestic product (GDP) is GNP adjusted for the net export of goods and services.
5.
Functions depicting the reactions of the policy-making authorities, as indicated by some policy variable (say, M) to a list of other variables (say, the income and inflation and unemployment rates) became common in the 1960s, as the modern computer came on the scene. There is an extensive literature ( Frazer 1973, 196-198).
6.
On conditional and unconditional forecasts see ( Frazer 1988, 117-118).
7.
Confer Section 3.3d, note 8 of Chapter 3.
8.
Compare Chapter 4, note 12.

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