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Keywords:Interest rates 

Journal Article
New limits for the New Year

FRBSF Economic Letter

Report
Banks' reserve management, transaction costs, and the timing of the Federal Reserve intervention

We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each "reserve maintenance period," when the opportunity cost of holding reserves is typically highest. We then propose and analyze a model of the federal funds market where uncertain liquidity flows and transaction costs induce banks to delay trading and to bid up interest rates at the end of each maintenance period. In this context, the central bank's ...
Staff Reports , Paper 109

Conference Paper
Designing Resilient Monetary Policy Frameworks for the Future : Economic Policy Symposium, Jackson Hole, Wyoming, August 25-27, 2016

Proceedings - Economic Policy Symposium - Jackson Hole

Report
Optimal interest rate rules and inflation stabilization versus price-level stabilization

This paper compares the properties of interest rate rules such as simple Taylor rules and rules that respond to price-level fluctuations?called Wicksellian rules?in a basic forward-looking model. By introducing appropriate history dependence in policy, Wicksellian rules perform better than optimal Taylor rules in terms of welfare and robustness to alternative shock processes, and they are less prone to equilibrium indeterminacy. A simple Wicksellian rule augmented with a high degree of interest rate inertia resembles a robustly optimal rule?that is, a monetary policy rule that implements the ...
Staff Reports , Paper 546

Journal Article
The interest cost-push controversy

An abstract for this article is not available
Economic Review , Volume 65 , Issue Jan , Pages 3-10

Journal Article
The yield curve and recessions

FRBSF Economic Letter

Working Paper
Exchange and interest rate management and the international transmission of disturbances

Working Papers , Paper 8802

Working Paper
Forecasting with the yield curve; level, slope, and output 1875-1997

Using the yield curve helps forecast real growth over the period 1875 to 1997. Using both the level and slope of the curve improves forecasts more than using either variable alone. Forecast performance changes over time and depends somewhat on whether recursive or rolling out of sample regressions are used.
Working Papers (Old Series) , Paper 0611

Journal Article
Interest rate volatility and alternative monetary control procedure

Economic Review , Issue Sum , Pages 46-63

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