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Discussion Paper
How Have the Fed's Three Rate Hikes Passed Through to Selected Short-term Interest Rates?
Since December 2015, the Federal Open Market Committee (FOMC) has increased the target range for the federal funds rate by 25 basis points three times, bringing the target range from 0 to 25 basis points in late 2015 to 75 to 100 basis points in March 2017. This Note examines how this cumulative 75 basis point increase in the target range for the Fed's policy rate has transmitted to other short-term interest rates.
Discussion Paper
Estimating System Demand for Reserve Balances Using the 2018 Senior Financial Officer Survey
In this Note, we introduce a range of estimates of the banking system’s contemporary demand for reserves based on newly available, confidential micro data from a Senior Financial Officer Survey (SFOS) conducted by the Federal Reserve in September 2018.
Discussion Paper
An Update to Measuring the U.S. Monetary Aggregates
In 1994, a symposium was held on the measurement of the U.S. monetary aggregates. As a result of this symposium, the main components and data sources used at the time to construct the U.S. monetary aggregates were documented for posterity in A Historical Perspective on the Federal Reserve's Monetary Aggregates: Definition, Construction and Targeting by Richard Anderson and Kenneth Kavajecz.