Declining required reserves, funds rate volatility, and open market operations

Declining required reserves, funds rate volat ...
Selva Demiralp, Selva Demiralp
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Last edited by MARC Bot
December 11, 2020 | History

Declining required reserves, funds rate volatility, and open market operations

"The standard view of the monetary transmission mechanism rests on the central bank's ability to manipulate the overnight interest rate by controlling the reserve supply. In the 1990s, there was a significant decline in the level of reserve balances in the U.S. accompanied at first by an increase in the funds rate volatility. However, following this initial rise, volatility declined. In this paper, we find evidence of a structural break in volatility. We then estimate a tobit model of the major types of temporary open market operations and conclude that there have been changes in the Desk's reaction function that played a major role in controlling volatility"--Federal Reserve Board web site.

Publish Date
Language
English

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Book Details


Edition Notes

Includes bibliographical references.
Title from PDF file as viewed on 7/26/2004.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.

Published in
Washington, D.C
Series
Finance and economics discussion series ;, 2003-27, Finance and economics discussion series (Online) ;, 2003-27.

Classifications

Library of Congress
HG1

The Physical Object

Format
Electronic resource

Edition Identifiers

Open Library
OL3389821M
LCCN
2004616507

Work Identifiers

Work ID
OL5811423W

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History

Download catalog record: RDF / JSON
December 11, 2020 Edited by MARC Bot import existing book
December 5, 2010 Edited by Open Library Bot Added subjects from MARC records.
December 10, 2009 Created by WorkBot add works page