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Interest Rate Control Is More Complicated Than You Thought

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  • Stephen D. Williamson

Abstract

Setting the fed funds rate is just one step. The Fed also has to deal with the discount rate and the interest rate paid on reserves. Throw in a floor system (with a subfloor!) and overnight reverse repos, and you?ve got a process that is anything but simple.

Suggested Citation

  • Stephen D. Williamson, 2016. "Interest Rate Control Is More Complicated Than You Thought," The Regional Economist, Federal Reserve Bank of St. Louis, issue April.
    • Handle: RePEc:fip:fedlre:00108
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    Cited by:

    1. Silvia Bressan, 2018. "The impact of banks’ liquidity reserves on lending," Journal of Banking Regulation, Palgrave Macmillan, vol. 19(4), pages 337-345, November.
    2. Jordan, Jerry L. & Luther, William J., 2022. "Central bank independence and the Federal Reserve's new operating regime," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 510-515.

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