Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention

Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention
We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each "reserve maintenance period," when the opportunity cost of holding reserves is typically highest.... READ MORE...

Publication date: October 2000
ISBN 9781451857924
$15.00

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