McCallum, Bennett T.; Hoehn, James G - 2022
, of interest rate and reserve instruments. Whereas previous studies have been basically static, the present analysis is … CRA than LRA. (2) With a reserve instrument and LRA, control will be poorer than with an interest rate instrument. (3) For … a wide range of parameter values, control will be better with a reserve instrument and CRA than with an interest rate …