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Journal Article
Origins of the use of Treasury debt in open market operations: lessons for the present
Marshall, David A. (2002-01)
The Federal Reserve currently conducts open market operations primarily in Treasury securities. It has not always done so. In its earliest years, the Fed conducted open market operations primarily in private securities, such as bankers' acceptances. The Fed's choice of instruments was based both on economic doctrine and to help foster a liquid secondary market in these securities. The move to reliance on Treasury securities resulted from changes in the financial markets and the prevailing economic doctrine. These historical antecedents may have relevance for current problems facing the ...
Economic Perspectives , Volume 26 , Issue Q I , Pages 45-54

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

Journal Article
Open market operations during 1996.
Cohen, Gerald D.; Fisher, Peter R. (1997-07)
During 1996, 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 (FOMC). As was the case last year, the need for permanent reserve additions was relatively modest as demand for currency grew moderately and reserve requirements declined because of the continued spread of sweep programs at commercial banks. The decrease in operating balances of depository institutions at Reserve Banks had an impact on bank reserve management strategies and the ...
Federal Reserve Bulletin , Issue Jul

Journal Article
Recent monetary and credit developments
anonymous (1964-07)
Federal Reserve Bulletin , Issue Jul

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?
Thornton, Daniel L. (2000)
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
A primer on monetary policy. Part 1, goals and instruments
Walsh, Carl E. (1994)
FRBSF Economic Letter

Report
Rediscounting under aggregate risk with moral hazard
Martin, Antoine; Chapman, James T. E. (2007)
In a 1999 paper, Freeman proposes a model in which discount window lending and open market operations have different outcomes - an important development because in most of the literature the results of these policy tools are indistinguishable. Freeman's conclusion that the central bank should absorb losses related to default to provide risk-sharing goes against the concern that central banks should limit their exposure to credit risk. We extend Freeman's model by introducing moral hazard. With moral hazard, the central bank should avoid absorbing losses, contrary to Freeman's argument. ...
Staff Reports , Paper 296

Report
Intervention strategies and exchange rate volatility: a noise trading perspective
Hung, Juann H. (1995)
This paper estimates and explains the impact of U.S. sterilized intervention on exchange rate volatility. We find that U.S. intervention reduced both yen/dollar and DM/dollar exchange rate volatilities during 1985-86, but increased them during 1987-89. These results make sense in a noise trading framework where the effectiveness of sterilized intervention may depend critically on the shrewdness of intervention strategies. Depending on circumstances, central banks may use noise trading channels through covert intervention, or activate signaling channels through overt intervention. The ...
Research Paper , Paper 9515

Speech
The SOMA portfolio at $2.654 trillion
Sack, Brian P. (2011)
Remarks by Brian P. Sack before the Money Marketeers of New York University, New York City.
Speech , Paper 60

Conference Paper
Federal Reserve operating procedures and institutional change
Lee, William; Wenninger, John (1993)
Proceedings , Paper 1, pt. 2

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