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Journal Article
On the pervasive effects of Federal Reserve settlement regulations
Winters, Drew B.; Cyree, Ken B.; Griffiths, Mark D. (2003-03)
To manage their reserve positions, depository institutions in the United States actively buy and sell deposits at the Federal Reserve Banks via the federal funds market. Beginning in 1991, the Eurodollar market also became an attractive venue for trading deposits at the Federal Reserve Banks. Prior to 1991, the Federal Reserve?s statutory reserve requirement on Eurocurrency liabilities of U.S. banking offices discouraged use of Eurocurrency liabilities as a vehicle for trading deposits at the Federal Reserve. This impediment was removed in December 1990. Beginning in January 1991, the ...
Review , Volume 85 , Issue Mar , Pages 27-46

Working Paper
The effect of changes in the federal funds rate target on market interest rates in the 1970s
Hahn, Thomas K.; Cook, Timothy Q. (1988)
The standard empirical test of whether the Federal Reserve can influence interest rates is to regress interest rates on current and past (actual or unexpected) values of money growth. This literature generally finds little support for the view that the Fed can influence interest rates, except perhaps through the positive impact on inflation expectations of increases in money growth.
Working Paper , Paper 88-04

Working Paper
Regime switching in the dynamic relationship between the federal funds rate and nonborrowed reserves
Huh, Chan Guk (1995)
This paper examines the dynamic relationship between changes in the funds rate and nonborrowed reserves within a reduced form framework that allows the relationship to have two distinct patterns over time. A regime switching model a la Hamilton (1989) is estimated. The two regimes are different in such characteristics as average changes in the interest rate, and volatility. The historical aerate of the API inflation rate is significantly higher in the high growth and more volatile regime. Innovations in money growth are associated with a strong anticipated inflation effect in the high ...
Working Papers in Applied Economic Theory , Paper 95-11

Journal Article
Monetary policy and financial market expectations: what did they know and when did they know it?
Wheelock, David C.; Pakko, Michael R. (1996-07)
Interest rates sometimes seem to respond to Federal Reserve policy actions in unexpected ways--for example, falling when the Fed " tightens" monetary policy or rising when the Fed "eases" policy. In this article, Michael R. Pakko and David C. Wheelock attempt to demystify such responses. They show how trading in the federal funds futures market reveals public expectations of Federal Reserve actions, and how our knowledge of these expectations can help us interpret the behavior of interest rates.
Review , Volume 78 , Issue Jul , Pages 19-32

Working Paper
Bank size, collateral, and net purchase behavior in the federal funds market: empirical evidence a note
Peristiani, Stavros; Allen, Linda; Saunders, Anthony (1987)
Working Papers , Paper 87-12

Working Paper
Monetary policy shocks and price stickiness: an analysis of price and output responses to policy in manufacturing industries
Haimowitz, Joseph H. (1996)
This paper uses annual data on 450 SIC four-digit manufacturing industries obtained from the NBER Manufacturing Productivity Database to examine how manufacturing industries respond to unanticipated changes in the federal funds rate. The analysis proceeds in three stages. First, industry price and output responses to unanticipated changes in the federal funds rate are examined. Second, the effect of industry characteristics on these responses is analyzed. Finally, the paper assesses whether particular industry characteristics are associated with price rigidity or interest rate sensitivity. ...
Research Working Paper , Paper 96-07

Journal Article
Central bank dollar swap lines and overseas dollar funding costs
Miu, Jason; Kennedy, Craig; Goldberg, Linda S. (2011-05)
In the decade prior to the financial crisis, foreign banks? exposure to U.S.-dollar-denominated assets rose dramatically. When the crisis hit in 2007, the banks? access to dollar funding came under severe duress, with potentially dire consequences for global financial markets that could also spread to U.S. markets. The Federal Reserve responded in December 2007 by establishing temporary reciprocal currency swap lines, or facilities, with foreign central banks designed to ameliorate dollar funding stresses overseas. Drawing on rigorous analysis of the swaps, as well as insights of other ...
Economic Policy Review , Volume 17 , Issue May , Pages 3-20

Working Paper
The federal funds rate and the implementation of monetary policy: estimating the Federal Reserve's reaction function
Brunner, Allan D. (1994)
Several recent studies have reached quite different conclusions about which variable is the best indicator of the stance of monetary policy. These differences likely reflect varying assumptions about bank and Federal Reserve behavior. This paper takes a detailed and comprehensive look at the implementation of monetary policy and the identification of monetary policy shocks. The paper first outlines a general analytical model for studying and evaluating monetary policy procedures. The model is then used to estimate both the Fed's operational policy objectives and its intermediate objectives. ...
International Finance Discussion Papers , Paper 466

Report
Domestic open market operations during 1996
Cohen, Gerald D.; Fisher, Peter R. (1996)
Annual Report Domestic Open Market Operations

Working Paper
The equilibrium Fed funds rate and the indicator properties of term- structure spreads
Bomfim, Antúlio N. (1995)
Finance and Economics Discussion Series , Paper 95-40

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