My writing plans were disturbed (bike got a flat tire…), and so I am stuck with a placeholder article. I had been working on a section for my banking manuscript, but I want to look it over before posting a draft. North American Monetary Policy Developments
"You use money and interbank markets to hit your target balance with the payments system."
I was following you up till this point. What do you mean by "target balance"? How is that similar to/different from the central bank's interest rate target?
You’re right, it was a bit random. But “crypto-monetarists” is gold! (Boom tish)
"You use money and interbank markets to hit your target balance with the payments system."
I was following you up till this point. What do you mean by "target balance"? How is that similar to/different from the central bank's interest rate target?
Target balance with the payments system/central bank (=required reserve level, if it exists).