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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

Speech
The Federal Reserve’s Market Functioning Purchases: From Supporting to Sustaining
Logan, Lorie (2020-07-15)
Remarks at SIFMA Webinar.
Speech

Report
Intervention strategies and exchange rate volatility: a noise trading perspective
Hung, Juann H. (1995)
This paper estimates and explains the impact of U.S. sterilized intervention on exchange rate volatility. We find that U.S. intervention reduced both yen/dollar and DM/dollar exchange rate volatilities during 1985-86, but increased them during 1987-89. These results make sense in a noise trading framework where the effectiveness of sterilized intervention may depend critically on the shrewdness of intervention strategies. Depending on circumstances, central banks may use noise trading channels through covert intervention, or activate signaling channels through overt intervention. The ...
Research Paper , Paper 9515

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

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
Domestic open market operations during 2004
anonymous (2004)
Annual Report Domestic Open Market Operations

Journal Article
Monetary policy and open market operations in 1985
Sternlight, Peter D. (1986-04)
Quarterly Review , Volume 11 , Issue Spr , Pages 34-53

Speech
The implementation of current asset purchases
Potter, Simon M. (2013)
Remarks at the Annual Meeting with Primary Dealers, New York City.
Speech , Paper 98

Working Paper
Whither the liquidity effect: the impact of Federal Reserve Open Market Operations in recent years
Judson, Ruth; Klee, Elizabeth C. (2009)
Previous research indicated that the daily liquidity effect, or the change in the federal funds rate associated with an exogenous change in Fed balances, varies with several factors including the day of the maintenance period. In this paper, we examine the data over the recent period of increased Federal Reserve transparency and find that the liquidity effect stabilized across days of the maintenance period. Rather, the liquidity effect may be a function of the uncertainty about banks' end-of-day balances. Moreover, we find that increased transparency led to a larger liquidity effect on the ...
Finance and Economics Discussion Series , Paper 2009-25

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