Search Results
Journal Article
The discount rate: experience under reserve targeting
Working Paper
Market reaction to monetary policy nonannouncements
This paper examines how Treasury security yields, stock prices, and federal funds futures rates respond on Federal Open Market Committee (FOMC) meeting dates when expected policy actions do not occur. The empirical results support the existence of nonannouncement effects on short- and intermediate-term yields. In particular, part of an expected policy action, measured using federal funds futures rates, is unwound when the action does not materialize. This partial unwinding is consistent with markets reacting to the surprise by postponing, but not eliminating, the possibility of a future ...
Working Paper
Measuring monetary policy
Journal Article
Is the debit card revolution finally here?
For three decades, experts on payments systems have forecast the imminent arrival of a completely electronic, paperless payment system. In this vision of the future, households, businesses, and government agencies would replace paper transactions with faster, more efficient electronic payments. The centerpiece of this new payment world is the debit card, a magnetically encoded plastic card that would eliminate cash, checks, and even credit cards in most retail transactions.> While some parts of this payment revolution have arrived, in many respects the forecasts have proved to be overly ...