Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153420
Authors: 
Bech, Morten L.
Atalay, Enghin
Year of Publication: 
2008
Series/Report no.: 
ECB Working Paper 986
Abstract: 
We explore the network topology of the federal funds market. This market is important for distributing liquidity throughout the financial system and for the implementation of monetary policy. The recent turmoil in global financial markets underscores its importance. We find that the network is sparse, exhibits the small world phenomenon and is disassortative. Reciprocity tracks the federal funds rate and centrality measures are useful predictors of the interest rate of a loan.
Subjects: 
interbank
money market
network
topology
JEL: 
E4
E58
E59
G1
Document Type: 
Working Paper

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