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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
The effects of open market operations in a model of intermediation and growth
Schreft, Stacey L.; Smith, Bruce (1995)
We examine an otherwise standard model of capital accumulation to which spatial separation and limited communication create a role for money and shocks to portfolio needs create a role for banks. In this context we examine the existence, multiplicity, and dynamical properties of monetary equilibria with positive nominal interest rates. Moderate levels of risk aversion can lead to the existence of multiple monetary steady states, all of which can be approached from a given set of initial conditions. In addition, even if there is a unique monetary steady state, monetary equilibria can be ...
Working Papers , Paper 562

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

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