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Keywords:Federal funds rate 

Working Paper
The liquidity effect in the federal funds market: evidence from daily open market operations

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
Federal Open Market Committee directive (November 6, 2002)

Federal Reserve Bulletin , Issue Dec

Journal Article
Bond Premiums and the Natural Real Rate of Interest

Economic Review , Issue Q I , Pages 5-39

Journal Article
Federal Open Market Committee directive

Federal Reserve Bulletin , Issue Oct , Pages 438

Journal Article
A neutral federal funds rate?

Monetary Trends , Issue Dec

Journal Article
Transparency in the practice of monetary policy

Economic Quarterly , Issue Sum , Pages 1-9

Working Paper
Do actions speak louder than words? the response of asset prices to monetary policy actions and statements

We investigate the effects of U.S. monetary policy on asset prices using a high-frequency event-study analysis. We test whether these effects are adequately captured by a single factor--changes in the federal funds rate target-and find that they are not. Instead, we find that two factors are required. These factors have a structural interpretation as a "current federal funds rate target" factor and a "future path of policy" factor, with the latter closely associated with FOMC statements. We measure the effects of these two factors on bond yields and stock prices using a new intraday ...
Finance and Economics Discussion Series , Paper 2004-66

Journal Article
Paying interest on deposits at Federal Reserve banks

Paying interest on reserves should allow us to better control the federal funds rate.
Economic Synopses

Journal Article
Commentary on \\"Assessing monetary policy effects using daily federal funds futures contracts\\"

Review , Volume 90 , Issue Jul , Pages 395-398

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

Federal Reserve Bulletin , Issue Feb

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