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Important choices for the Federal Reserve in the years ahead: remarks at Lehman College, Bronx, New York
Remarks at Lehman College, Bronx, New York.
The U.S. economic outlook and the implications for monetary policy: remarks at Money Marketeers of New York University, New York City
Remarks at Money Marketeers of New York University, New York City.
Operational perspectives on monetary policy implementation: panel remarks on \\"The Future of the Central Bank Balance Sheet\\" at the Policy Conference on Currencies, Capital, and Central Bank Balances, Hoover Institution, Stanford University, Stanford, California
Remarks at the Policy Conference on Currencies, Capital, and Central Bank Balances, Hoover Institution, Stanford University, Stanford, California.
The mechanics of a graceful exit: interest on reserves and segmentation in the federal funds market
To combat the financial crisis that intensified in the fall of 2008, the Federal Reserve injected a substantial amount of liquidity into the banking system. The resulting increase in reserve balances exerted downward price pressure in the federal funds market, and the effective federal funds rate began to deviate from the target rate set by the Federal Open Market Committee. In response, the Federal Reserve revised its operational framework for implementing monetary policy and began to pay interest on reserve balances in an attempt to provide a floor for the federal funds rate. Nevertheless, ...