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Keywords:Federal funds rate 

Journal Article
Federal Open Market Committee directive (June 27, 2001)

Federal Reserve Bulletin , Issue Aug

Journal Article
The zero lower bound and longer-term yields

The Federal Reserve lowered its traditional monetary policy instrument, the federal funds rate, to essentially zero in December 2008. However, economic activity generally depends on interest rates with longer maturities than the overnight fed funds rate. Research shows that interest rates with maturities of two years or more were largely unconstrained by the zero lower bound until at least late 2011. This suggests that, despite the zero bound, the Fed has been able to continue conducting monetary policy through medium- and longer-term interest rates by using forward guidance and large-scale ...
FRBSF Economic Letter

Journal Article
The effect of the Fed’s purchase of long-term treasuries on the yield curve

Chairman Bernanke seems to suggest that the purchase of a large quantity of longer-term government securities might reduce longer-term rates.
Economic Synopses

Journal Article
Benefits of borrowing from the Federal Reserve when the discount rate is below interest rates

Review , Volume 61 , Issue Mar , Pages 25-32

Journal Article
Where would the federal funds rate be, if it could be negative?

In the wake of Great Recession, the Federal Reserve engaged in conventional monetary policy actions by reducing the federal funds rate. But soon the rate hit zero, and could go no lower. In such environments, policymakers still think in terms of where the federal funds rate should be, were it possible to go negative. To project the ?unconstrained path? of the funds rate?ignoring the zero lower bound?and to identify the key underlying shocks driving that path, we employ a statistical macroeconomic forecasting model. We find that the federal funds rate would have been extremely negative during ...
Economic Commentary , Issue Oct

Journal Article
Record of policy actions of the Federal Open Market Committee

Federal Reserve Bulletin , Issue Feb

Journal Article
The discount rate, interest rates and foreign exchange rates: an analysis with daily data

Review , Volume 67 , Issue Feb , Pages 22-30

Journal Article
Federal Open Market Committee directive (March 19, 2002)

Federal Reserve Bulletin , Issue Apr

Working Paper
Market-based measures of monetary policy expectations

A number of recent papers have used different financial market instruments to measure near-term expectations of the federal funds rate and the high-frequency changes in these instruments around FOMC announcements to measure monetary policy shocks. This paper evaluates the empirical success of a variety of financial market instruments in predicting the future path of monetary policy. All of the instruments we consider provide forecasts that are clearly superior to those of standard time series models at all of the horizons considered. Among financial market instruments, we find that federal ...
Working Paper Series , Paper 2006-04

Understanding Recent Fluctuations in Short-Term Interest Rates

In mid-September 2019, there were sudden, large fluctuations in short-term interest rates. Why did these fluctuations happen, and what do they tell us about the Federal Reserve?s monetary policy toolkit?
Chicago Fed Letter



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anonymous 42 items

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