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dc.contributor.authorBartolini, Leonardoen_US
dc.contributor.authorBertola, Giuseppeen_US
dc.contributor.authorPrati, Alessandroen_US
dc.date.accessioned2012-08-17T14:26:55Z-
dc.date.available2012-08-17T14:26:55Z-
dc.date.issued2000en_US
dc.identifier.urihttp://hdl.handle.net/10419/60638-
dc.description.abstractWe 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 on its response to changes in target rates and in intervention procedures, such as those implemented by the Fed in 1994. Theoretical results are consistent with empirical patterns of interest rate volatility in the U.S. market for federal fundsen_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 110en_US
dc.subject.ddc330en_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwGeldmarkten_US
dc.subject.stwZinsen_US
dc.subject.stwVolatilit├Ąten_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwTheorieen_US
dc.titleDay-to-day monetary policy and the volatility of the federal funds interest rateen_US
dc.typeWorking Paperen_US
dc.identifier.ppn320220087en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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