Day-To-Day Monetary Policy and the Volatility of the Federal Funds Interest Rate

Day-To-Day Monetary Policy and the Volatility of the Federal Funds Interest Rate
We propose a model of the interbank money market with an explicit role for central bank intervention and periodic reserve requirements, and study the interaction of profit-maximizing banks with a central bank targeting interest rates at high frequency. The model yields predictions on biweekly patterns of the federal funds rate's volatility and... READ MORE...

Publication date: December 2000
ISBN 9781451874594
$15.00

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