NBRD - What does NBRD stand for? The Free Dictionary
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We also considered four alternative nonstructural VAR specifications from the literature, such as Eichenbaum's (1992) re-ordering of the four-variable model: (P, Y, NBRD
Panel A of figure 5 indicates that a monetary policy shock corresponds to a persistent drop in the stock of nonborrowed reserves, beginning with a 1.5 percent drop (recall a positive shock to NBRD
corresponds to a negative shock to NBR).