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Author:Hilton, R. Spence 

Journal Article
Open market operations during 1997

In 1997 the Trading Desk at the Federal Reserve Bank of New York managed reserve conditions with the objective of maintaining the federal funds rate around the level desired by the Federal Open Market Committee. In 1997 the portfolio of domestic securities in the System Open Market Account expanded by a record $41 billion (excluding all temporary operations), ending the year at $448 billion. Outright purchases of Treasury securities totaled $44 billion, offset to a small degree by redemptions of some Treasury and federal agency issues. The growth in the portfolio during 1997 was significantly ...
Federal Reserve Bulletin , Issue Jul

Journal Article
Trends in federal funds rate volatility

The behavior of the fed funds rate-a key monetary policy target and a benchmark for short-term interest rates-is closely watched by many market participants. After a decade marked by periodic bouts of high volatility in the funds rate, volatility has declined sharply since 2001. An analysis of the major factors influencing the rate's behavior shows that some of the forces behind the current fall in volatility first emerged in response to the earlier increases.
Current Issues in Economics and Finance , Volume 11 , Issue Jul

Journal Article
Monetary policy and open market operations during 1994

Federal Reserve Bulletin , Issue Jun , Pages 570-584

Report
Domestic open market operations during 1997

Annual Report Domestic Open Market Operations

Journal Article
Highlights of domestic open market operations during 1998

The Trading Desk at the Federal Reserve Bank of New York uses open market operations to implement the policy directives of the Federal Open Market Committee (FOMC). The FOMC expresses its short-term objective for open market operations as a target level for the federal funds rate--the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions. To keep the federal funds rate near the level specified by the FOMC, the Desk uses open market operations to bring the supply of balances at the Federal Reserve into line with the demand for ...
Federal Reserve Bulletin , Issue Apr

Report
Domestic open market operations during 2000

Annual Report Domestic Open Market Operations

Report
Domestic open market operations during 1999

Annual Report Domestic Open Market Operations

Journal Article
Capacity constraints and the prospects for external adjustment and economic growth: 1989-90

Quarterly Review , Volume 13 , Issue Win , Pages 52-68

Journal Article
Intraday trading in the overnight federal funds market

Transaction-level data for the federal funds market provide a rare look at the intraday behavior of trade volume and prices. An analysis of the data reveals that trade volume exhibits large swings over the course of the day while prices remain fairly stable, with rate volatility rising sharply only in the late afternoon. The analysis underscores the important role played by institutional deadlines-most notably, the close of trading-in driving movements in this market.
Current Issues in Economics and Finance , Volume 11 , Issue Nov

Monograph
The credit slowdown and the monetary aggregates

Monograph

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