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Journal Article
Making Technical Adjustments: The Difference Between “Conducting” and “Implementing” Monetary Policy
Ihrig, Jane E.; Wolla, Scott A. (2021-08-30)
Technical adjustments to the Fed’s administered rates help to implement existing monetary policy in changing market conditions.
Economic Synopses , Issue 21 , Pages 1-2

Working Paper
The Federal Reserve's Portfolio and its Effect on Interest Rates
Klee, Elizabeth C.; Ihrig, Jane E.; Huther, Jeff W. (2017-07)
We explore the historical composition of the Federal Reserve's Treasury portfolio and its effect on Treasury yields. Using data from 1985 to 2016, we show that the divergence of the composition of the Federal Reserve's portfolio from overall Treasury securities outstanding is associated with a statistically significant effect on interest rates. In aggregate, when the Federal Reserve's portfolio has shorter maturity than overall Treasury debt outstanding, measures of the term premium are higher at all horizons; likewise, when the Federal Reserve's portfolio has longer maturity, term premiums ...
Finance and Economics Discussion Series , Paper 2017-075

Working Paper
Let's Close the Gap: Revising Teaching Materials to Reflect How the Federal Reserve Implements Monetary Policy
Wolla, Scott A.; Ihrig, Jane E. (2020-10-23)
The topic of the Federal Reserve’s (the Fed’s) implementation of monetary policy has a significant presence in economics textbooks as well as standards and guidelines for economics instruction. This presence likely reflects the fact that it is the implementation framework that helps ensure that the Fed’s desired level of its policy interest rate is transmitted to financial markets, which helps it steer the economy toward the Congressional dual mandate of maximum employment and price stability. Over the past decade or so, the Fed has purposefully shifted the way it implements monetary ...
Finance and Economics Discussion Series , Paper 2020-092

Working Paper
Monetary Policy 101: A Primer on the Fed's Changing Approach to Policy Implementation
Ihrig, Jane E.; Meade, Ellen E.; Weinbach, Gretchen C. (2015-06-30)
The Federal Reserve conducts monetary policy in order to achieve its statutory mandate of maximum employment, stable prices, and moderate long-term interest rates as prescribed by the Congress and laid out in the Federal Reserve Act. For many years prior to the financial crisis, the FOMC set a target for the federal funds rate and achieved that target through purchases and sales of securities in the open market. In the aftermath of the financial crisis, with a superabundant level of reserve balances in the banking system having been created as a result of the Federal Reserve's large scale ...
Finance and Economics Discussion Series , Paper 2015-47

Working Paper
The effect of markups on the exchange rate exposure of stock returns
Ihrig, Jane E.; Allayannis, George (2000)
This paper examines how to properly specify and test for factors that affect the exchange-rate exposure of stock returns. We develop a theoretical model, which explicitly identifies three channels of exposure. An industry's exposure increases (1) by greater competitiveness in the market where its final output is sold, (2) the interaction of greater competitiveness in its export market and a larger share of exports in production and, (3) the interaction of less competitiveness in its imported input market and the smaller the share of imports in production. Using a sample of 82 U.S. ...
International Finance Discussion Papers , Paper 661

How Does the Fed Influence Interest Rates Using Its New Tools?
Ihrig, Jane E.; Wolla, Scott A. (2020-08-05)
Post-financial crisis, interest on reserves became the primary tool for adjusting the fed funds rate. And the ON RRP rate is now a supplementary tool that acts as a 'floor.'
Open Vault

3,2,1...Liftoff. What Does 'Liftoff' Really Mean in Fed Policy?
Ihrig, Jane E.; Wolla, Scott A. (2022-02-02)
Liftoff is when the FOMC raises the target range for the federal funds rate from a near-zero level.
Open Vault

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