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Journal Article
An option for anticipating Fed action
Carlson, John B.; Sahinoz, Erkin Y.; Melick, William R. (2003-09)
Options contracts on federal funds futures, a new financial instrument introduced earlier this year, can be analyzed to gauge public expectations of future Fed actions. The real bonus is that they can detect differences of opinion when markets see more than two possible outcomes for an FOMC meeting as well as the likelihood associated with each.
Economic Commentary , Issue Sep

Journal Article
Federal Open Market Committee directive (November 6, 2002)
anonymous (2002-12)
Federal Reserve Bulletin , Issue Dec

Report
How "unconventional" are large-scale asset purchases? The impact of monetary policy on asset prices
Rosa, Carlo (2012)
This paper examines the impact of large-scale asset purchases (LSAP) on U.S. asset prices (nominal and inflation-indexed bonds, stocks, and U.S. dollar spot exchange rates) using an event study with intraday data. The surprise component of LSAP announcements is identified from Financial Times articles. Estimation results show that the LSAP news has economically large and highly significant effects on asset prices, even after controlling for the surprise component of the Fed's conventional target rate decision and communication about its future path of policy. This study documents that the ...
Staff Reports , Paper 560

Journal Article
The zero lower bound and longer-term yields
Swanson, Eric T. (2013)
The Federal Reserve lowered its traditional monetary policy instrument, the federal funds rate, to essentially zero in December 2008. However, economic activity generally depends on interest rates with longer maturities than the overnight fed funds rate. Research shows that interest rates with maturities of two years or more were largely unconstrained by the zero lower bound until at least late 2011. This suggests that, despite the zero bound, the Fed has been able to continue conducting monetary policy through medium- and longer-term interest rates by using forward guidance and large-scale ...
FRBSF Economic Letter

Journal Article
Twist and shout, or back to the sixties
Bullard, James B. (2005-03)
National Economic Trends , Issue Mar

Journal Article
Federal Open Market Committee statements (September 20, 2005)
anonymous (2005-10)
Federal Reserve Bulletin , Issue Aut

Journal Article
Federal Open Market Committee directive (January 28, 2004)
anonymous (2004-04)
Federal Reserve Bulletin , Issue Spr

Journal Article
How Do FOMC Projections Affect Policy Uncertainty?
Herriford, Trenton; Bundick, Brent (2017-04)
In January 2012, the Federal Open Market Committee (FOMC) began publicly releasing its participants? projections for the future value of the federal funds rate. The former FOMC Chair Ben Bernanke stated that these releases help the public form policy expectations. However, Federal Reserve Bank of San Francisco President John C. Williams noted that the range of the funds rate forecast conveyed disagreement and uncertainty. These projections may be conflicting in nature, and thus may not lower public uncertainty. Bundick and Herriford seek to answer the question: do these projections decrease ...
Economic Review , Issue Q II , Pages 5-22

Journal Article
Bond Premiums and the Natural Real Rate of Interest
Smith, Andrew Lee; Hakkio, Craig S. (2017-01)
Economic Review , Issue Q I , Pages 5-39

Report
Precautionary reserves and the interbank market
Skeie, David R.; McAndrews, James J.; Ashcraft, Adam B. (2009)
Liquidity hoarding by banks and extreme volatility of the fed funds rate have been widely seen as severely disrupting the interbank market and the broader financial system during the 2007-08 financial crisis. Using data on intraday account balances held by banks at the Federal Reserve and Fedwire interbank transactions to estimate all overnight fed funds trades, we present empirical evidence on banks' precautionary hoarding of reserves, their reluctance to lend, and extreme fed funds rate volatility. We develop a model with credit and liquidity frictions in the interbank market consistent ...
Staff Reports , Paper 370

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