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Working Paper
The liquidity effect in the federal funds market: evidence from daily open market operations
Demiralp, Selva; Carpenter, Seth B. (2004)
We use forecast errors made by the Federal Reserve while preparing open market operations to identify a liquidity effect at a daily frequency in the federal funds market. Unlike Hamilton (1997), we find a liquidity effect on many days of the reserve maintenance period besides settlement day. The effect is non-linear; large changes in supply have a measurable effect, but small changes do not. In addition, a higher aggregate level of reserve balances in the banking system is associated with a smaller liquidity effect during the maintenance period but a larger liquidity effect on the last days ...
Finance and Economics Discussion Series , Paper 2004-61

Journal Article
The borrowed-reserves operating procedures: theory and evidence
Thornton, Daniel L. (1988-01)
Review , Issue Jan , Pages 30-54

Report
Federal Reserve operating procedures and institutional change
Wenninger, John; Lee, William (1992)
Research Paper , Paper 9223

Working Paper
Alternative reserve concepts as operating targets in monetary policy implementation : specifications of the structural model
Crews, Joseph M.; Picou, Glenn C. (1974)
Monetary policy is concerned with the ultimate goals of price stability, full employment, and economic growth, and with the short-run stability of financial markets.
Working Paper , Paper 74-04

Journal Article
Using federal funds futures rates to predict Federal Reserve actions
Thornton, Daniel L.; Robertson, John C. (1997-11)
The federal funds futures rate naturally embodies the market's expectation of the average behavior of the federal funds rate. But, as John C. Robertson and Daniel L. Thornton explain, analysts cannot attempt to identify Fed policy from the behavior of the federal funds futures rate without making somewhat arbitrary additional assumptions. The authors investigate the predictive accuracy of a rule based on the federal funds futures rate from October 1988 through August 1997 using an assumption that is sufficient for partially identifying when the market is expecting a Fed action but not for ...
Review , Issue Nov , Pages 45-53

Monograph
Federal funds
Whelpley, William; Goodfriend, Marvin (1998)
Monograph

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

Journal Article
Are U.S. reserve requirements still binding? commentary
Clouse, James A. (2002-05)
Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 69-71

Journal Article
Monetary policy and the federal funds futures market
McIntire, Jean M.; Carlson, John B. (1995-07)
How well did the federal funds futures market anticipate recent monetary policy actions? The authors examine the predictive content of fed funds futures rates, which provide the Federal Open Market Committee with a clear reading of market expectations for policy, in the context of 1994 policy moves and analyze the fed funds futures market outlook in early 1995.
Economic Commentary , Issue Jul

Journal Article
Subprime side effects in the federal funds market
Thornton, Daniel L. (2007-10)
Monetary Trends , Issue Oct

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