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| Title: | | The topology of the federal funds market  |
| Authors: | | Bech, Morten L. Atalay, Enghin |
| Issue Date: | | 2008 |
| Series/Report no.: | | Staff Report, Federal Reserve Bank of New York 354 |
| Abstract: | | The recent turmoil in global financial markets underscores the importance of the federal funds market as a means of distributing liquidity throughout the financial system and a tool for implementing monetary policy. In this paper, we explore the network topology of the federal funds market. We find that the network is sparse, exhibits the small-world phenomenon, and is disassortative. In addition, reciprocity loans track the federal funds rate, and centrality measures are useful predictors of the interest rate of a loan. |
| Subjects: | | Federal funds network topology interbank money markets |
| JEL: | | E40 E58 E59 G10 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
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