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The Federal Reserve's Tools for Policy Normalization in a Preferred Habitat Model of Financial Markets
This paper develops a model of the financial system that provides a framework for analyzing monetary policy implementation in a world with multiple Federal Reserve liabilities and a superabundant supply of reserves. The analysis demonstrates that the Federal Reserve's suite of policy tools including interest on excess reserves (IOER), overnight and term reverse repurchase agreements, and term deposits should allow the Federal Reserve to raise the level of short-term interest rates at the appropriate time. The model also demonstrates that these tools could be used in different ways to achieve ...
Implementation of open market operations in a time of transition
Remarks before the Japan Center for Economic Research, Tokyo, Japan.
The U.S. monetary policy outlook and its global implications
Remarks at the Bloomberg Americas Monetary Summit, New York City.
The national and regional economy
Remarks at the New Jersey Performing Arts Center, Newark, New Jersey.