Open market operations and the federal funds rate

Federal Reserve Bank of St. Louis Review

Volumn 89, Issue 6, 2007, Pages 549-570

  Thornton, Daniel L ^a  

^a FEDERAL RESERVE BANK OF ST LOUIS   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 37149046125     PISSN: 00149187     EISSN: None     Source Type: Journal    
DOI: 10.20955/r.89.549-570     Document Type: Review

References (22)

1. Carpenter, Seth and Demiralp, Selva. "The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations." Journal of Money, Credit, and Banking, June 2006, 38(4), pp. 901-20.
2. Cook, Timothy and Hahn, Thomas. "The Effect of Changes in the Federal Funds Rate Target on Market Interest Rates in the 1970s." Journal of Monetary Economics, November 1989, 24(3), pp. 331-51.
3. de Jong, Robert and Herrera, Ana Maria. "Dynamic Censored Regression and the Open Market Desk Reaction Function." Unpublished manuscript, 2004.
4. Demiralp, Selva and Farley, Dennis. "Declining Required Reserves, Funds Rate Volatility, and Open Market Operations." Journal of Banking and Finance, May 2005, 29(5), pp. 1131-52.
5. Demiralp, Selva and Jorda, Oscar. "The Announcement Effect: Evidence from Open Market Desk Data." Economic Policy Review, May 2002, 8(1), pp. 29-48.
6. Demiralp, Selva; Preslopsky, Brian and Whitesell, William. "Overnight Interbank Loan Markets." Journal of Economics and Business, January/February 2006, 58(1), pp. 67-83.
7. Friedman, Benjamin M. "The Future of Monetary Policy: The Central Bank as an Army with Only a Signal Corps?" International Finance, November 1999, 2(3), pp. 321-38.
8. Furfine, Craig H. "The Microstructure of the Federal Funds Market." Financial Markets, Institutions & Instruments, December 1999, 8(5), pp. 24-44.
9. Hamilton, James D. "Measuring the Liquidity Effect." American Economic Review, March 1997, 87(1), pp. 80-97.
10. Meulendyke, Ann-Marie. U.S. Monetary Policy & Financial Markets. Federal Reserve Bank of New York, 1998.
11. Pagan, Adrian R. and Robertson, John C. "Resolving the Liquidity Effect." Federal Reserve Bank of St. Louis Review, May/June 1995, 77(3), pp. 33-54.
12. Poole, William; Rasche, Robert H. and Thornton, Daniel L. "Market Anticipations of Monetary Policy Actions." Federal Reserve Bank of St. Louis Review, July/August 2002, 84(4), pp. 65-93.
13. Sternlight, Peter D. "Monetary Policy and Open Market Operations during 1990." Federal Reserve Bank of New York Quarterly Review, Spring 1991, 16(1), pp. 52-78.
14. Sternlight, Peter D. "Monetary Policy and Open Market Operations during 1991." Federal Reserve Bank of New York Quarterly Review, Spring 1992, 17(1), pp. 72-95.
15. Stigum, Marcia. The Money Market. Third Edition. New York: McGraw-Hill, 1990.
16. Taylor, John B. "Expectations, Open Market Operations, and Changes in the Federal Funds Rate." Federal Reserve Bank of St. Louis Review, July/August 2001, 83(4), pp. 33-47.
17. Thornton, Daniel L. "The Effect of Monetary Policy on Short-Term Interest Rates." Federal Reserve Bank of St. Louis Review, May/June 1988, 70(3), pp. 53-72.
18. Thornton, Daniel L. "Identifying the Liquidity Effect at the Daily Frequency." Federal Reserve Bank of St. Louis Review, July/August 2001a, 83(4), pp. 59-78.
19. Thornton, Daniel L. "The Federal Reserve's Operating Procedure, Nonborrowed Reserves, Borrowed Reserves and the Liquidity Effect." Journal of Banking and Finance, September 2001b, 25(9), pp. 1717-39.
20. Thornton, Daniel L. "The Fed and Short-Term Rates: Is It Open Market Operations, Open Mouth Operations or Interest Rate Smoothing?" Journal of Banking and Finance, March 2004, 28(3), pp. 475-98.
21. Thornton, Daniel L. "A New Federal Funds Rate Target Series: September 27, 1982-December 31, 1993." Working Paper 2005-032A, Federal Reserve Bank of St. Louis, 2005.
22. Thornton, Daniel L. "When Did the FOMC Begin Targeting the Federal Funds Rate? What the Verbatim Transcripts Tell Us." Journal of Money, Credit, and Banking, December 2006, 38(8), pp. 2039-71.