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Article: Open market operations and the federal funds rate.
- Article from:
- Federal Reserve Bank of St. Louis Review
- Article date:
- November 1, 2007
- Author:
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Copyright informationCOPYRIGHT 2007 Federal Reserve Bank of St. Louis. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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: He 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 ...
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