Journal Article
The changing U.S. financial system : some implications for the monetary transmission mechanism
Sellon, Gordon H. (2002-01)
An important part of monetary policy is the monetary transmission mechanism, the process by which monetary policy actions influence the economy. While the transmission mechanism involves a number of channels, including exchange rates, bank credit, and asset prices, most economists consider interest rates to be the principal avenue by which monetary policy affects economic activity.> In recent decades, significant changes in the structure of financial markets and institutions in the United States may have altered the interest rate channel. Key developments include the deregulation of the ...
Economic Review , Volume 87 , Issue Q I , Pages 5-35

Journal Article
Should the discount rate be a penalty rate?
Higgins, Bryon; Cacy, J. A.; Sellon, Gordon H. (1981-01)
Economic Review , Volume 66 , Issue Jan , Pages 3-10

Journal Article
Monetary policy actions and long-term interest rates
Sellon, Gordon H.; Roley, V. Vance (1995-10)
It is generally believed that monetary policy actions are transmitted to the economy through their effect on market interest rates. According to this standard view, a restrictive monetary policy by the Federal Reserve pushes up both short-term and long-term interest rates, leading to less spending by interest-sensitive sectors of the economy such as housing, consumer durable goods, and business fixed investment. Conversely, an easier policy results in lower interest rates that stimulate economic activity. Unfortunately, empirical studies and the observed behavior of interest rates appear to ...
Economic Review , Volume 80 , Issue Q IV , Pages 73-89

Journal Article
Recovery continues at tenth district banks
LeVoir, James W.; Sellon, Gordon H. (1989-10)
Financial Letters , Issue Oct

Journal Article
Has financial market volatility increased?
Becketti, Sean; Sellon, Gordon H. (1989-06)
Economic Review , Volume 74 , Issue Jun , Pages 17-30

Journal Article
The choice of short-run targets for monetary policy (part 2: an historical analysis)
Sellon, Gordon H.; Teigen, Ronald L. (1981-05)
Economic Review , Volume 66 , Issue May , Pages 3-12

Journal Article
The discount rate: experience under reserve targeting
Seibert, Diane; Sellon, Gordon H. (1982-09)
Economic Review , Volume 67 , Issue Sep , Pages 3-18

Journal Article
Longer-term perspectives on the yield curve and monetary policy
Sellon, Gordon H.; Kozicki, Sharon (2005-10)
In the spring of 2004, there was widespread expectation in financial markets that the Federal Reserve would shortly begin the process of raising its federal funds rate target back toward a more normal level. At the time, there was considerable concern that removing policy accommodation could lead to a sharp rise in long-term interest rates that might roil financial markets or slow the economic recovery. Much of this concern was based on the sizable increases in long-term rates that occurred when the Federal Reserve tightened policy in 1994-95 and 1999-2000. In contrast to the conventional ...
Economic Review , Issue Q IV , Pages 5-33

Working Paper
Measuring monetary policy
Sellon, Gordon H. (1994)
Research Working Paper , Paper 94-12

Journal Article
The instruments of monetary policy
Sellon, Gordon H. (1984-05)
Economic Review , Volume 69 , Issue May , Pages 3-20