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Keywords:Federal funds rate 

Communication challenges

2014 U.S. Monetary Policy Forum, Initiative on Global Markets, The University of Chicago, Booth School of Business, February 28, 2014, New York, NY President Charles I. Plosser discusses his views on the FOMC's forward guidance, which seeks to inform the public about the future path of monetary policy. He discusses why the FOMC should revamp its forward guidance as the unemployment rate nears the 6.5 percent rate threshold.
Speech , Paper 93

Journal Article
Federal Open Market Committee directive (November 15, 2000)

Federal Reserve Bulletin , Issue Jan , Pages 15

Why financial stability is a necessary prerequisite for an effective monetary policy

Remarks at the Andrew Crockett Memorial Lecture, Bank for International Settlements 2013 Annual General Meeting, Basel, Switzerland.
Speech , Paper 108

Working Paper
The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations?

It is widely believed that the Fed controls the funds rate by altering the degree of pressure in the reserve market through open market operations when it changes its target for the federal funds rate. Recently, however, several economists have suggested that open market operations may not be necessary for controlling the funds rate. Rather, they suggest that the Fed controls the funds rate through open mouth operations. The Fed merely indicates its desire to change the funds rate and the market does the rest. This paper investigates the extent to which the close relationship between the ...
Working Papers , Paper 1999-022

Journal Article
Federal Open Market Committee actions and discount rate changes (October 2, 2001)

Federal Reserve Bulletin , Issue Nov

Precautionary reserves and the interbank market

Liquidity hoarding by banks and extreme volatility of the fed funds rate have been widely seen as severely disrupting the interbank market and the broader financial system during the 2007-08 financial crisis. Using data on intraday account balances held by banks at the Federal Reserve and Fedwire interbank transactions to estimate all overnight fed funds trades, we present empirical evidence on banks' precautionary hoarding of reserves, their reluctance to lend, and extreme fed funds rate volatility. We develop a model with credit and liquidity frictions in the interbank market consistent ...
Staff Reports , Paper 370

Journal Article
Federal Open Market Committee directive (September 24, 2002)

Federal Reserve Bulletin , Issue Nov , Pages 458

Journal Article
The price puzzle: an update and a lesson

National Economic Trends , Issue Oct

Working Paper
Open market operations and the federal funds rate

The Fed's ability to control the federal funds rate stems from its ability to alter the supply of liquidity in the overnight market through open market operations. This paper uses daily data compiled by the author from the records of the Trading Desk of the Federal Reserve Bank of New York over the period March 1, 1984, through December 31, 1996, to analyze the Desk's use of its operating procedure in implementing monetary policy, and the extent to which open market operations affect the federal funds rate-the liquidity effect. I find that operating procedure was used to guide daily open ...
Working Papers , Paper 2005-063

Journal Article
Federal Open Market Committee actions and changes in the discount rate (January 3, 2001)

Federal Reserve Bulletin , Issue Mar



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anonymous 42 items

Thornton, Daniel L. 21 items

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