Author： Freeman S.
Publisher： Academic Press
ISSN： 1094-2025
Source： Review of Economic Dynamics, Vol.5, Iss.3, 2002-07, pp. : 602-617
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Abstract
Output declines may be caused or propagated through the payments system by shortages of the reserves required for the payment of factors of production. Appropriate open market purchases are shown to be able to lower the short-run interest rate on liquid assets and to relieve the output disruption.
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