%0 Journal Article %A Meltzer, Allan %D 2012 %T Comments on Bonomo and Schotta: The Effect of Federal Open Market Operations on Variations in Member Bank Reserves %U https://kilthub.cmu.edu/articles/journal_contribution/Comments_on_Bonomo_and_Schotta_The_Effect_of_Federal_Open_Market_Operations_on_Variations_in_Member_Bank_Reserves/6704615 %R 10.1184/R1/6704615.v1 %2 https://kilthub.cmu.edu/ndownloader/files/12233642 %K Business %K Management %X

The authors attempt to test the proposition that defensive open market operations increase the variance or standard deviation of the monetary base. The test consists of a comparison of the standard deviations of levels and changes in reserves and in free reserves with the standard deviation of levels and changes in the open market portfolio.

%I Carnegie Mellon University