Monetary Policy Implementation with an Ample Supply of Reserves
Author
Abstract
Suggested Citation
DOI: 10.17016/FEDS.2020.020
Download full text from publisher
Other versions of this item:
- Gara Afonso & Kyungmin Kim & Antoine Martin & Ed Nosal & Simon M. Potter & Sam Schulhofer-Wohl, 2020. "Monetary Policy Implementation With an Ample Supply of Reserves," Working Paper Series WP 2020-02, Federal Reserve Bank of Chicago.
- Gara Afonso & Kyungmin Kim & Antoine Martin & Ed Nosal & Simon M. Potter & Sam Schulhofer-Wohl, 2020. "Monetary Policy Implementation with an Ample Supply of Reserves," FRB Atlanta Working Paper 2020-2, Federal Reserve Bank of Atlanta.
- Gara M. Afonso & Kyungmin Kim & Antoine Martin & Ed Nosal & Simon M. Potter & Sam Schulhofer-Wohl, 2020. "Monetary Policy Implementation with an Ample Supply of Reserves," Staff Reports 910, Federal Reserve Bank of New York.
- Gara Afonso & Kyungmin Kim & Antoine Martin & Ed Nosal & Simon M. Potter & Sam Schulhofer-Wohl, 2020. "Monetary policy implementation with an ample supply of reserves," Working Paper Series WP-2020-02, Federal Reserve Bank of Chicago.
References listed on IDEAS
- Gara Afonso & Ricardo Lagos, 2015.
"Trade Dynamics in the Market for Federal Funds,"
Econometrica, Econometric Society, vol. 83, pages 263-313, January.
- Ricardo Lagos & Gara Afonso, 2010. "Trade Dynamics in the Market for Federal Funds," 2010 Meeting Papers 424, Society for Economic Dynamics.
- Gara Afonso & Ricardo Lagos, 2014. "Trade Dynamics in the Market for Federal Funds," NBER Working Papers 20419, National Bureau of Economic Research, Inc.
- Ricardo Lagos & Gara Afonson, 2011. "Trade Dynamics in the Market for Federal Funds," 2011 Meeting Papers 314, Society for Economic Dynamics.
- Gara M. Afonso & Ricardo Lagos, 2014. "Trade Dynamics in the Market for Federal Funds," Working Papers 710, Federal Reserve Bank of Minneapolis.
- Gara M. Afonso & Ricardo Lagos, 2012. "Trade dynamics in the market for federal funds," Staff Reports 549, Federal Reserve Bank of New York.
- Roc Armenter & Benjamin Lester, 2017.
"Excess Reserves and Monetary Policy Implementation,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 23, pages 212-235, January.
- Roc Armenter & Benjamin Lester, 2016. "Excess Reserves and Monetary Policy Implementation," Working Papers 16-33, Federal Reserve Bank of Philadelphia.
- Lorie Logan, 2017. "Implementing monetary policy: perspective from the open market trading desk: remarks before the Money Marketeers of New York University, New York City," Speech 248, Federal Reserve Bank of New York.
- Andrew Lee Smith, 2019. "Do Changes in Reserve Balances Still Influence the Federal Funds Rate?," Economic Review, Federal Reserve Bank of Kansas City, issue Q I, pages 5-34.
- Mark Carlson & Burcu Duygan-Bump & Fabio Natalucci & Bill Nelson & Marcelo Ochoa & Jeremy Stein & Skander Van den Heuvel, 2016.
"The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies,"
International Journal of Central Banking, International Journal of Central Banking, vol. 12(4), pages 307-333, December.
- Mark A. Carlson & Burcu Duygan-Bump & Fabio M. Natalucci & William R. Nelson & Marcelo Ochoa & Jerome L. Stein & Skander J. Van den Heuvel, 2014. "The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies," Finance and Economics Discussion Series 2014-102, Board of Governors of the Federal Reserve System (U.S.).
- Gara Afonso & Fabiola Ravazzolo & Alessandro Zori, 2019. "From Policy Rates to Market Rates—Untangling the U.S. Dollar Funding Market," Liberty Street Economics 20190708, Federal Reserve Bank of New York.
- Gara Afonso & Adam Biesenbach & Thomas M. Eisenbach, 2017. "Mission Almost Impossible: Developing a Simple Measure of Pass-Through Efficiency," Liberty Street Economics 20171106, Federal Reserve Bank of New York.
- Olivier Armantier & Sandra C. Krieger & James J. McAndrews, 2008. "The Federal Reserve's Term Auction Facility," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 14(Jul).
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Bichuch, Maxim & Feinstein, Zachary, 2022. "A repo model of fire sales with VWAP and LOB pricing mechanisms," European Journal of Operational Research, Elsevier, vol. 296(1), pages 353-367.
- Aberg, Pontus & Corsi, Marco & Grossmann-Wirth, Vincent & Hudepohl, Tom & Mudde, Yvo & Rosolin, Tiziana & Schobert, Franziska, 2021. "Demand for central bank reserves and monetary policy implementation frameworks: the case of the Eurosystem," Occasional Paper Series 282, European Central Bank.
- Francesco Casalena, 2024. "Back to normal? Assessing the Effects of the Federal Reserve's Quantitative Tightening," IHEID Working Papers 14-2024, Economics Section, The Graduate Institute of International Studies.
- Maxim Bichuch & Zachary Feinstein, 2020. "A Repo Model of Fire Sales with VWAP and LOB Pricing Mechanisms," Papers 2005.05364, arXiv.org, revised Mar 2021.
- Klingler, Sven & Syrstad, Olav, 2021. "Life after LIBOR," Journal of Financial Economics, Elsevier, vol. 141(2), pages 783-801.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Gara Afonso & Kyungmin Kim & Antoine Martin & Ed Nosal & Simon M. Potter & Sam Schulhofer-Wohl, 2023. "Monetary Policy Implementation with Ample Reserves," FRB Atlanta Working Paper 2023-10, Federal Reserve Bank of Atlanta.
- William Arrata & Benoit Nguyen & Imene Rahmouni-Rousseau & Miklos Vari, 2018. "The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area," IMF Working Papers 2018/258, International Monetary Fund.
- W. Arrata & B. Nguyen & I. Rahmouni-Rousseau & M. Vari, 2017. "Eurosystem’s asset purchases and money market rates," Working papers 652, Banque de France.
- Uhlig, Harald & De Fiore, Fiorella & Hoerova, Marie, 2018.
"Money Markets, Collateral and Monetary Policy,"
CEPR Discussion Papers
13335, C.E.P.R. Discussion Papers.
- De Fiore, Fiorella & Hoerova, Marie & Uhlig, Harald & Rogers, Ciaran, 2019. "Money markets, collateral and monetary policy," Working Paper Series 2239, European Central Bank.
- Fiorella De Fiore & Marie Hoerova & Harald Uhlig, 2022. "Money markets, collateral and monetary policy," BIS Working Papers 997, Bank for International Settlements.
- Fiorella De Fiore & Marie Hoerova & Ciaran Rogers & Harald Uhlig, 2018. "Money Markets, Collateral and Monetary Policy," NBER Working Papers 25319, National Bureau of Economic Research, Inc.
- Kyungmin Kim & Antoine Martin & Ed Nosal, 2020.
"Can the U.S. Interbank Market Be Revived?,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(7), pages 1645-1689, October.
- Kyungmin Kim & Antoine Martin & Ed Nosal, 2018. "Can the US Interbank Market be Revived?," Finance and Economics Discussion Series 2018-088, Board of Governors of the Federal Reserve System (U.S.).
- Kyungmin Kim & Antoine Martin & Ed Nosal, 2018. "Can the U.S. Interbank Market Be Revived?," FRB Atlanta Working Paper 2018-13, Federal Reserve Bank of Atlanta.
- Arce, Óscar & Nuño, Galo & Thaler, Dominik & Thomas, Carlos, 2020.
"A large central bank balance sheet? Floor vs corridor systems in a New Keynesian environment,"
Journal of Monetary Economics, Elsevier, vol. 114(C), pages 350-367.
- Óscar Arce & Galo Nuño & Dominik Thaler & Carlos Thomas, 2018. "A large central bank balance sheet? floor vs corridor systems in a new keynesian environment," Working Papers 1851, Banco de España.
- Gabrovski, Miroslav & Kospentaris, Ioannis, 2021.
"Intermediation in over-the-counter markets with price transparency,"
Journal of Economic Theory, Elsevier, vol. 198(C).
- Miroslav Gabrovski & Ioannis Kospentaris, 2020. "Intermediation in Over-the-Counter Markets with Price Transparency," Working Papers 202017, University of Hawaii at Manoa, Department of Economics.
- Gara Afonso & Marco Cipriani & Adam Copeland & Anna Kovner & Gabriele La Spada & Antoine Martin, 2021.
"The Market Events of Mid-September 2019,"
Economic Policy Review, Federal Reserve Bank of New York, vol. 27(2), pages 1-26, August.
- Cipriani, Marco & Afonso, Gara & Copeland, Adam & Kovner, Anna & La Spada, Gabriele & Martin, Antoine, 2020. "The market events of mid-September 2019," CEPR Discussion Papers 14467, C.E.P.R. Discussion Papers.
- Gara Afonso & Marco Cipriani & Adam Copeland & Anna Kovner & Gabriele La Spada & Antoine Martin, 2020. "The Market Events of Mid-September 2019," Staff Reports 918, Federal Reserve Bank of New York.
- Jonathan Chiu & Jens Eisenschmidt & Cyril Monnet, 2020.
"Relationships in the Interbank Market,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 35, pages 170-191, January.
- Jonathan Chiu & Cyril Monnet, 2016. "Relationships in the Interbank Market," Staff Working Papers 16-33, Bank of Canada.
- Jonathan Chiu & Jens Eisenschmidt & Cyril Monnet, 2019. "Online Appendix to "Relationships in the Interbank Market"," Online Appendices 18-238, Review of Economic Dynamics.
- Jonathan Chiu & Jens Eisenschmidt & Cyril Monnet, 2019. "Code and data files for "Relationships in the Interbank Market"," Computer Codes 18-238, Review of Economic Dynamics.
- Bech, Morten & Keister, Todd, 2017.
"Liquidity regulation and the implementation of monetary policy,"
Journal of Monetary Economics, Elsevier, vol. 92(C), pages 64-77.
- Morten L. Bech & Todd Keister, 2013. "Liquidity regulation and the implementation of monetary policy," Departmental Working Papers 201325, Rutgers University, Department of Economics.
- Morten L. Bech & Todd Keister, 2013. "Liquidity regulation and the implementation of monetary policy," BIS Working Papers 432, Bank for International Settlements.
- Gara Afonso & Roc Armenter & Benjamin Lester, 2019.
"A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 33, pages 177-204, July.
- Gara M. Afonso & Roc Armenter & Benjamin Lester, 2018. "A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow," Working Papers 18-10, Federal Reserve Bank of Philadelphia.
- Gara M. Afonso & Roc Armenter & Benjamin Lester, 2018. "A model of the federal funds market: yesterday, today, and tomorrow," Staff Reports 840, Federal Reserve Bank of New York.
- Gara Afonso & Roc Armenter & Benjamin Lester, 2019. "Code and data files for "A Model of the Federal Funds Market: Yesterday, Today, and Tomorrow"," Computer Codes 18-293, Review of Economic Dynamics.
- Williamson, Stephen D., 2019.
"Interest on reserves, interbank lending, and monetary policy,"
Journal of Monetary Economics, Elsevier, vol. 101(C), pages 14-30.
- Stephen D. Williamson, 2015. "Interest on Reserves, Interbank Lending, and Monetary Policy," Working Papers 2015-24, Federal Reserve Bank of St. Louis.
- Stephen Williamson, 2016. "Interest on Reserves, Interbank Lending, and Monetary Policy," 2016 Meeting Papers 428, Society for Economic Dynamics.
- Keister, Todd, 2019.
"The interplay between liquidity regulation, monetary policy implementation and financial stability,"
Global Finance Journal, Elsevier, vol. 39(C), pages 30-38.
- Todd Keister, 2017. "The Interplay Between Liquidity Regulation, Monetary Policy Implementation and Financial Stability," World Scientific Book Chapters, in: Douglas D Evanoff & George G Kaufman & Agnese Leonello & Simone Manganelli (ed.), Achieving Financial Stability Challenges to Prudential Regulation, chapter 13, pages 173-193, World Scientific Publishing Co. Pte. Ltd..
- Javier Bianchi & Saki Bigio, 2022.
"Banks, Liquidity Management, and Monetary Policy,"
Econometrica, Econometric Society, vol. 90(1), pages 391-454, January.
- Saki Bigio & Javier Bianchi, 2014. "Banks, Liquidity Management and Monetary Policy," 2014 Meeting Papers 489, Society for Economic Dynamics.
- Javier Bianchi & Saki Bigio, 2014. "Banks, Liquidity Management and Monetary Policy," Working Papers 18, Peruvian Economic Association.
- Javier Bianchi & Saki Bigio, 2014. "Banks, Liquidity Management, and Monetary Policy," Staff Report 503, Federal Reserve Bank of Minneapolis.
- Javier Bianchi & Saki Bigio, 2014. "Banks, Liquidity Management and Monetary Policy," NBER Working Papers 20490, National Bureau of Economic Research, Inc.
- Roc Armenter, 2016. "A Tractable Model Of The Demand For Reserves Under Nonlinear Remuneration Schemes," Working Papers 16-35, Federal Reserve Bank of Philadelphia.
- Yasuo Nishiyama, 2017. "Open market operations and associated movements of the federal funds rate during the week prior to target changes," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(4), pages 806-828, October.
- Garth Baughman & Francesca Carapella, 2020.
"Voluntary Reserve Targets,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(2-3), pages 583-612, March.
- Garth Baughman & Francesca Carapella, 2018. "Voluntary Reserve Targets," Finance and Economics Discussion Series 2018-032, Board of Governors of the Federal Reserve System (U.S.).
- Gries, Thomas & Mitschke, Alexandra, 2019.
"Systemic instability of the interbank credit market: A contribution to a resilient financial system,"
VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy
203582, Verein für Socialpolitik / German Economic Association.
- Thomas Gries & Alexandra Mitschke, 2021. "Systemic Instability of the Interbank Credit Market - A Contribution to a Resilient Financial System," Working Papers Dissertations 75, Paderborn University, Faculty of Business Administration and Economics.
- Heon Lee, 2021. "Money Creation and Banking: Theory and Evidence," Papers 2109.15096, arXiv.org, revised Jun 2024.
- Thaler, Dominik, 2018. "A Large Central Bank Balance Sheet? The Role of Interbank Market Frictions," VfS Annual Conference 2018 (Freiburg, Breisgau): Digital Economy 181632, Verein für Socialpolitik / German Economic Association.
More about this item
Keywords
Federal funds market; Monetary policy implementation; Ample reserve supply;All these keywords.
JEL classification:
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
NEP fields
This paper has been announced in the following NEP Reports:- NEP-GEN-2020-05-11 (Gender)
- NEP-MAC-2020-05-11 (Macroeconomics)
- NEP-MON-2020-05-11 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedgfe:2020-20. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ryan Wolfslayer ; Keisha Fournillier (email available below). General contact details of provider: https://edirc.repec.org/data/frbgvus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.