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Journal Article
Federal Open Market Committee directive (November 15, 2000)
anonymous (2001-01)
Federal Reserve Bulletin , Issue Jan , Pages 15

Journal Article
Discrete policy changes and empirical models of the federal funds rate
Dueker, Michael J.; Rasche, Robert H. (2004-11)
Empirical models of the federal funds rate almost uniformly use the quarterly or monthly average of the daily rates. One empirical question about the federal funds rate concerns the extent to which monetary policymakers smooth this interest rate. Under the hypothesis of rate smoothing, policymakers set the interest rate this period equal to a weighted average of the rate inherited from the previous quarter and the rate implied by current economic conditions, such as the Taylor rule rate. Perhaps surprisingly, however, little attention has been given to measuring the interest rate inherited ...
Review , Volume 86 , Issue Nov , Pages 61-72

Journal Article
Federal Open Market Committee directive (August 21, 2001)
anonymous (2001-10)
Federal Reserve Bulletin , Issue Oct , Pages 661

Journal Article
Federal Open Market Committee statements (September 20, 2005)
anonymous (2005-10)
Federal Reserve Bulletin , Issue Aut

Journal Article
The discount rate, interest rates and foreign exchange rates: an analysis with daily data
Thornton, Daniel L.; Batten, Dallas S. (1985-02)
Review , Volume 67 , Issue Feb , Pages 22-30

Working Paper
Market-based measures of monetary policy expectations
Sack, Brian P.; Swanson, Eric T.; Gürkaynak, Refet S. (2006)
A number of recent papers have used different financial market instruments to measure near-term expectations of the federal funds rate and the high-frequency changes in these instruments around FOMC announcements to measure monetary policy shocks. This paper evaluates the empirical success of a variety of financial market instruments in predicting the future path of monetary policy. All of the instruments we consider provide forecasts that are clearly superior to those of standard time series models at all of the horizons considered. Among financial market instruments, we find that federal ...
Working Paper Series , Paper 2006-04

Journal Article
Measuring monetary policy inertia in target Fed funds rate changes
Dueker, Michael J. (1999-09)
Recent research has grappled with an apparent paradox: Why would a central bank that is focused primarily on inflation control exhibit signs of inertia when making policy adjustments? In this article, Michael Dueker argues that fully characterizing the policy inertia is a precondition towards resolving the apparent paradox. This article presents empirical estimates of adjustments to the target fed funds rate that take into account two facets of policy inertia: a partial-adjustment mechanism and thresholds for making discrete changes to the target fed funds rate. With a more complete picture ...
Review , Volume 81 , Issue Sep , Pages 3-10

Journal Article
How Many Reserves Does the Federal Reserve Need to Supply?
Smith, Andrew Lee (2019-03-06)
The level of reserves the Federal Reserve needs to supply depends on the spread between the federal funds rate and the IOR rate. If policymakers choose to operate with a near-zero federal funds-IOR spread, then reserve balances of $1.5 trillion may be required to implement monetary policy. However, if policymakers opt for a higher federal funds-IOR spread, then reserve balances of about $1.1 trillion may suffice.
Macro Bulletin

Report
The topology of the federal funds market
Bech, Morten L.; Atalay, Enghin (2008)
The recent turmoil in global financial markets underscores the importance of the federal funds market as a means of distributing liquidity throughout the financial system and a tool for implementing monetary policy. In this paper, we explore the network topology of the federal funds market. We find that the network is sparse, exhibits the small-world phenomenon, and is disassortative. In addition, reciprocity loans track the federal funds rate, and centrality measures are useful predictors of the interest rate of a loan.
Staff Reports , Paper 354

Journal Article
Federal Open Market Committee directive (November 10, 2004)
anonymous (2005-01)
Federal Reserve Bulletin , Issue Win

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