The Resource Open Market Operations and the Federal Funds Rate
Open Market Operations and the Federal Funds Rate
Resource Information
The item Open Market Operations and the Federal Funds Rate represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Bates College.This item is available to borrow from 1 library branch.
Resource Information
The item Open Market Operations and the Federal Funds Rate represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Bates College.
This item is available to borrow from 1 library branch.
- Summary
- It is commonly believed that the Fed's ability to control the federal funds rate stems from its ability to alter the supply of liquidity in the overnight market through open market operations. This paper uses daily data compiled by the author from the records of the Trading Desk of the Federal Reserve Bank of New York over the period March 1, 1984, through December 31, 1996. The author analyzes the Desk's use of its operating procedure in implementing monetary policy and the extent to which open market operations affect the federal funds rate-- the liquidity effect. The author finds that the operating procedure was used to guide daily open market operations. However, there is little evidence of a liquidity effect at the daily frequency and even less evidence at lower frequencies. Consistent with the absence of a liquidity effect, open market operations appear to be a relatively unimportant source of liquidity to the federal funds market
- Note
- 21303
- Label
- Open Market Operations and the Federal Funds Rate
- Title
- Open Market Operations and the Federal Funds Rate
- Summary
- It is commonly believed that the Fed's ability to control the federal funds rate stems from its ability to alter the supply of liquidity in the overnight market through open market operations. This paper uses daily data compiled by the author from the records of the Trading Desk of the Federal Reserve Bank of New York over the period March 1, 1984, through December 31, 1996. The author analyzes the Desk's use of its operating procedure in implementing monetary policy and the extent to which open market operations affect the federal funds rate-- the liquidity effect. The author finds that the operating procedure was used to guide daily open market operations. However, there is little evidence of a liquidity effect at the daily frequency and even less evidence at lower frequencies. Consistent with the absence of a liquidity effect, open market operations appear to be a relatively unimportant source of liquidity to the federal funds market
- http://library.link/vocab/creatorName
-
- Thornton, Daniel L
- Inter-university Consortium for Political and Social Research [distributor]
- Label
- Open Market Operations and the Federal Funds Rate
- Note
- 21303
- Control code
- ICPSR21303.v1
- Governing access note
- Access restricted to subscribing institutions
- Label
- Open Market Operations and the Federal Funds Rate
- Note
- 21303
- Control code
- ICPSR21303.v1
- Governing access note
- Access restricted to subscribing institutions
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.bates.edu/portal/Open-Market-Operations-and-the-Federal-Funds/8Z40GGBWFds/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.bates.edu/portal/Open-Market-Operations-and-the-Federal-Funds/8Z40GGBWFds/">Open Market Operations and the Federal Funds Rate</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.bates.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.bates.edu/">Bates College</a></span></span></span></span></div>
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.bates.edu/portal/Open-Market-Operations-and-the-Federal-Funds/8Z40GGBWFds/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.bates.edu/portal/Open-Market-Operations-and-the-Federal-Funds/8Z40GGBWFds/">Open Market Operations and the Federal Funds Rate</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.bates.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.bates.edu/">Bates College</a></span></span></span></span></div>
