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dc.contributor.authorBartolini, Leonardoen
dc.contributor.authorBertola, Giuseppeen
dc.contributor.authorPrati, Alessandroen
dc.date.accessioned2012-08-17T14:26:55Z-
dc.date.available2012-08-17T14:26:55Z-
dc.date.issued2000-
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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x110en
dc.subject.ddc330en
dc.subject.stwGeldpolitiken
dc.subject.stwGeldmarkten
dc.subject.stwZinsen
dc.subject.stwVolatilitäten
dc.subject.stwGeldpolitiken
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwTheorieen
dc.titleDay-to-day monetary policy and the volatility of the federal funds interest rate-
dc.typeWorking Paperen
dc.identifier.ppn320220087en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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