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Working Paper
The Federal Reserve’s Evolving Monetary Policy Implementation Framework: 1914-1923
Chabot, Benjamin
(2017-01-18)
The Federal Reserve has relied upon a number of different monetary policy implementation frameworks throughout its history. This paper describes the original implementation framework that evolved between 1914 and 1923 in response to new policy objectives and changing market conditions.
Working Paper Series
, Paper WP-2017-1
Working Paper
The macroeconomic effects of large-scale asset purchase programs
Curdia, Vasco; Ferrero, Andrea; Chen, Han
(2012-10-24)
We simulate the Federal Reserve second Large-Scale Asset Purchase program in a DSGE model with bond market segmentation estimated on U.S. data. GDP growth increases by less than a third of a percentage point and inflation barely changes relative to the absence of intervention. The key reasons behind our findings are small estimates for both the elasticity of the risk premium to the quantity of long-term debt and the degree of financial market segmentation. Absent the commitment to keep the nominal interest rate at its lower bound for an extended period, the effects of asset purchase programs ...
Working Paper Series
, Paper 2012-22
Report
Federal Reserve Participation in Public Treasury Offerings
Garbade, Kenneth D.
(2019-12-01)
This paper describes the evolution of Federal Reserve participation in public Treasury offerings. It covers the pre-1935 period, when the Fed participated on an equal footing with other investors in exchange offerings priced by Treasury officials, to its present-day practice of reinvesting the proceeds of maturing securities with “add-ons” priced in public auctions in which the Fed does not participate. The paper describes how the Federal Reserve System adapted its operating procedures to comply with the 1935 limitations on its Treasury purchases, how it modified its operating procedures ...
Staff Reports
, Paper 906
Working Paper
The daily liquidity effect
Thornton, Daniel L.
(2006)
Motivated, on the one hand, by the belief that the Fed controls the short-term rate through open market operations, and on the other, by "the lack of convincing proof that this is what happens," Hamilton (1997) suggested that more convincing evidence of the liquidity effect could be obtained with the use of high-frequency (daily) data. Thornton*s (2001a) detailed analysis of Hamilton*s results and evidence using both Hamilton*s and an alternative methodology indicates a quantitatively unimportant daily liquidity effect. Recently, Carpenter and Demiralp (2006) report "clear evidence" of a ...
Working Papers
, Paper 2006-020
Journal Article
Federal Reserve open market techniques
Roth, Howard L.
(1986-03)
Economic Review
, Volume 71
, Issue Mar
, Pages 3-15
Speech
The Ample Reserves Framework and Balance Sheet Reduction: Perspective from the Open Market Desk
Zobel, Patricia
(2022-09-08)
Remarks at the Cato Institute’s 40th Annual Monetary Conference (delivered via videoconference).
Speech
Conference Paper
Another hole in the ozone layer: changes in FOMC operating procedure and the term structure
Roberts, William; Runkle, David E.; Whiteman, Charles H.
(1993)
Proceedings
, Paper 1, pt. 1
Working Paper
Discretion Rather than Rules: Equilibrium Uniqueness and Forward Guidance with Inconsistent Optimal Plans
Campbell, Jeffrey R.; Weber, Jacob P.
(2018-09-07)
New Keynesian economies with active interest rate rules gain equilibrium determinacy from the central bank?s incredible off-equilibrium-path promises (Cochrane, 2011). We suppose instead that the central bank sets interest rate paths and occasionally has the discretion to change them. Private agents taking future central bank actions and their own best responses to them as given reduces the scope for self-fulfilling prophecies. With empirically-reasonable frequencies of central-bank reoptimization, the monetary-policy game has a unique Markov-perfect equilibrium wherein forward guidance ...
Working Paper Series
, Paper WP-2018-14
Working Paper
The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations?
Thornton, Daniel L.
(2000)
It is widely believed that the Fed controls the funds rate by altering the degree of pressure in the reserve market through open market operations when it changes its target for the federal funds rate. Recently, however, several economists have suggested that open market operations may not be necessary for controlling the funds rate. Rather, they suggest that the Fed controls the funds rate through open mouth operations. The Fed merely indicates its desire to change the funds rate and the market does the rest. This paper investigates the extent to which the close relationship between the ...
Working Papers
, Paper 1999-022
Report
The high-frequency response of energy prices to monetary policy: understanding the empirical evidence
Rosa, Carlo
(2013)
This paper examines the impact of conventional and unconventional monetary policy on energy prices, using an event study with intraday data. Three measures for monetary policy surprises are used: 1) the surprise change to the current federal funds target rate, 2) the surprise component to the future path of policy, and 3) the unanticipated announcements of future large-scale asset purchases (LSAPs). Estimation results show that monetary policy news has economically important and highly significant effects on the level and volatility of energy futures prices and their trading volumes. I find ...
Staff Reports
, Paper 598
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