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Working Paper
Channel systems: Why is there a positive spread?
Marchesiani, Alessandro; Berentsen, Aleksander; Waller, Christopher J. (2010)
An increasing number of central banks implement monetary policy via two standing facilities: a lending facility and a deposit facility. In this paper we show that it is socially optimal to implement a non-zero interest rate spread. We prove this result in a dynamic general equilibrium model where market participants have heterogeneous liquidity needs and where the central bank requires government bonds as collateral. We also calibrate the model and discuss the behavior of the money market rate and the volumes traded at the ECB?s deposit and lending facilities in response to the recent ...
Working Papers , Paper 2010-049

Report
Domestic open market operations during 2004
anonymous (2004)
Annual Report Domestic Open Market Operations

Journal Article
A review of Federal Reserve policy targets and operating guides in recent decades
Meulendyke, Ann-Marie (1988-10)
Quarterly Review , Volume 13 , Issue Aut , Pages 6-17

Speech
Fixing wholesale funding to build a more stable financial system
Dudley, William (2013-02-01)
Remarks at the New York Bankers Association's 2013 Annual Meeting & Economic Forum, The Waldorf Astoria, New York City.
Speech

Journal Article
Right on target
Davies, Phil (2004-12)
A behind-the-scenes look at the Fed?s open market operations.
The Region , Volume 18 , Issue Dec , Pages 38-41, 46-48

Journal Article
Open market operations in long-term securities
Riefler, Winfield W. (1958-11)
Federal Reserve Bulletin , Issue Nov , Pages 1260-1274

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

Journal Article
Open market operations during 1997
Tulpan, Ted; Hilton, R. Spence; Fisher, Peter R.; Cheng, Virginia (1998-07)
In 1997 the Trading Desk at the Federal Reserve Bank of New York managed reserve conditions with the objective of maintaining the federal funds rate around the level desired by the Federal Open Market Committee. In 1997 the portfolio of domestic securities in the System Open Market Account expanded by a record $41 billion (excluding all temporary operations), ending the year at $448 billion. Outright purchases of Treasury securities totaled $44 billion, offset to a small degree by redemptions of some Treasury and federal agency issues. The growth in the portfolio during 1997 was significantly ...
Federal Reserve Bulletin , Issue Jul

Working Paper
Monetary policy in the early 1980's
Hetzel, Robert L. (1984)
A requirement for the study of macroeconomic behavior in the early 1980s is an understanding of the monetary policy pursued by the Federal Reserve and of the way this policy was implemented. In an attempt to fulfill this requirement, the formulation and implementation of monetary policy are discussed in this paper for the period of October 1979 to December 1983. Particular attention is paid to the choice by the Fed of the funds rate or the money supply as its primary policy variable. It is contended that the operating procedures adopted in October 1979 contributed to the cyclical behavior of ...
Working Paper , Paper 84-01

Working Paper
The macroeconomic effects of large-scale asset purchase programs
Curdia, Vasco; Ferrero, Andrea; Chen, Han (2012-10-24)
We simulate the Federal Reserve second Large-Scale Asset Purchase program in a DSGE model with bond market segmentation estimated on U.S. data. GDP growth increases by less than a third of a percentage point and inflation barely changes relative to the absence of intervention. The key reasons behind our findings are small estimates for both the elasticity of the risk premium to the quantity of long-term debt and the degree of financial market segmentation. Absent the commitment to keep the nominal interest rate at its lower bound for an extended period, the effects of asset purchase programs ...
Working Paper Series , Paper 2012-22

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