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Journal Article
The role of operating guides in U.S. monetary policy: a historical review
Wallich, Henry C.; Keir, Peter M. (1979-09)
Federal Reserve Bulletin , Issue Sep

Journal Article
Expectations, open market operations, and changes in the federal funds rate
Taylor, John B. (2001-07)
Review , Volume 83 , Issue Jul , Pages 33-58

Report
Responses to the financial crisis, treasury debt, and the impact on short-term money markets
Seligman, Jason S.; Hrung, Warren B. (2011)
Several programs have been introduced by U.S. fiscal and monetary authorities in response to the financial crisis. We examine the responses involving Treasury debt?the Term Securities Lending Facility (TSLF), the Supplemental Financing Program, increases in Treasury issuance, and open market operations?and their impacts on the overnight Treasury general collateral repo rate, a key money market rate. Our contribution is to consider each policy in light of the others, both to help guide policy responses to future crises and to emphasize policy interactions. Only the TSLF was designed to ...
Staff Reports , Paper 481

Journal Article
Monetary policy and open market operations during 1990
anonymous (1991-04)
Adapted from a report prepared by the Open Market Group of the Federal Reserve Bank of New York and submitted to the Federal Open Market Committee by Peter D. Sternlight, Manager for Domestic Operations of the System Open Market Account.
Quarterly Review , Volume 16 , Issue Spr , Pages 52-78

Journal Article
The practice of central banking in other industrialized countries
Kopcke, Richard W. (2002-04-02)
Central banks in larger industrialized countries increasingly favor market operations, the buying and selling of securities, over standing facilities, such as lending and deposit facilities, in conducting their monetary policies. In their market operations, foreign central banks most commonly trade securities issued or guaranteed by their governments and repurchase agreements that are backed by a variety of assets, including private securities and securities denominated in foreign currencies. Some also trade in securities that are issued by other governments or private securities that are ...
New England Economic Review , Issue Q 2 , Pages 3-9

Journal Article
Monetary policy and open market operations during 1987
Sternlight, Peter D.; Krieger, Sandra C. (1988-04)
Quarterly Review , Volume 13 , Issue Spr , Pages 41-58

Report
Rediscounting under aggregate risk with moral hazard
Martin, Antoine; Chapman, James T. E. (2007)
In a 1999 paper, Freeman proposes a model in which discount window lending and open market operations have different outcomes - an important development because in most of the literature the results of these policy tools are indistinguishable. Freeman's conclusion that the central bank should absorb losses related to default to provide risk-sharing goes against the concern that central banks should limit their exposure to credit risk. We extend Freeman's model by introducing moral hazard. With moral hazard, the central bank should avoid absorbing losses, contrary to Freeman's argument. ...
Staff Reports , Paper 296

Report
Monetary policy implementation frameworks: a comparative analysis
Martin, Antoine; Monnet, Cyril (2008)
We compare two stylized frameworks for the implementation of monetary policy. The first framework relies only on standing facilities, and the second one relies only on open market operations. We show that the Friedman rule cannot be implemented in the first framework, but can be implemented using the second framework. However, for a given rate of inflation, we show that the first framework unambiguously achieves higher welfare than the second one. We conclude that an optimal system of monetary policy implementation should contain elements of both frameworks. Our results also suggest that any ...
Staff Reports , Paper 313

Working Paper
Channel systems: Why is there a positive spread?
Marchesiani, Alessandro; Berentsen, Aleksander; Waller, Christopher J. (2010)
An increasing number of central banks implement monetary policy via two standing facilities: a lending facility and a deposit facility. In this paper we show that it is socially optimal to implement a non-zero interest rate spread. We prove this result in a dynamic general equilibrium model where market participants have heterogeneous liquidity needs and where the central bank requires government bonds as collateral. We also calibrate the model and discuss the behavior of the money market rate and the volumes traded at the ECB?s deposit and lending facilities in response to the recent ...
Working Papers , Paper 2010-049

Speech
The implementation of recent monetary policy actions
Baxter, Thomas C. (2011)
Testimony before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives.> .
Speech , Paper 72

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