The Fed's Discount Window in "Normal" Times
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Huberto M. Ennis & Elizabeth C. Klee, 2021. "The Fed's Discount Window in "Normal" Times," Finance and Economics Discussion Series 2021-016, Board of Governors of the Federal Reserve System (U.S.).
References listed on IDEAS
- Berentsen, Aleksander & Kraenzlin, Sébastien & Müller, Benjamin, 2018.
"Exit strategies for monetary policy,"
Journal of Monetary Economics, Elsevier, vol. 99(C), pages 20-40.
- Aleksander Berentsen & Sébastien Kraenzlin & Benjamin Müller, 2016. "Exit strategies for monetary policy," ECON - Working Papers 241, Department of Economics - University of Zurich, revised Feb 2018.
- Adam Ashcraft & Morten L. Bech & W. Scott Frame, 2010.
"The Federal Home Loan Bank System: The Lender of Next-to-Last Resort?,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(4), pages 551-583, June.
- Adam Ashcraft & Morten L. Bech & W. Scott Frame, 2010. "The Federal Home Loan Bank System: The Lender of Next‐to‐Last Resort?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(4), pages 551-583, June.
- Adam B. Ashcraft & Morten L. Bech & W. Scott Frame, 2008. "The Federal Home Loan Bank System: the lender of next-to-last resort?," Staff Reports 357, Federal Reserve Bank of New York.
- Adam B. Ashcraft & Morten L. Bech & W. Scott Frame, 2009. "The Federal Home Loan Bank System: the lender of next-to-last resort?," FRB Atlanta Working Paper 2009-04, Federal Reserve Bank of Atlanta.
- Marvin Goodfriend & Robert G. King, 1988.
"Financial deregulation, monetary policy, and central banking,"
Economic Review, Federal Reserve Bank of Richmond, vol. 74(May), pages 3-22.
- Goodfriend, M. & King, R.G., 1988. "Financial Deregulation, Monetary Policy, And Central Banking," RCER Working Papers 121, University of Rochester - Center for Economic Research (RCER).
- Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Working Paper 88-01, Federal Reserve Bank of Richmond.
- Jeffrey M Wooldridge, 2010.
"Econometric Analysis of Cross Section and Panel Data,"
MIT Press Books,
The MIT Press,
edition 2, volume 1, number 0262232588, December.
- Jeffrey M. Wooldridge, 2001. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262232197, December.
- Mei Li & Frank Milne & Junfeng Qiu, 2020. "The LOLR Policy and its Signaling Effect in a Time of Crisis," Journal of Financial Services Research, Springer;Western Finance Association, vol. 57(3), pages 231-252, June.
- Seth Carpenter & Jane Ihrig & Elizabeth Klee & Daniel Quinn & Alexander Boote, 2015.
"The Federal Reserve's Balance Sheet and Earnings: A Primer and Projections,"
International Journal of Central Banking, International Journal of Central Banking, vol. 11(2), pages 237-283, March.
- Alexander H. Boote & Seth B. Carpenter & Jane E. Ihrig & Elizabeth C. Klee & Daniel W. Quinn, 2013. "The Federal Reserve's balance sheet and earnings: a primer and projections," Finance and Economics Discussion Series 2013-01, Board of Governors of the Federal Reserve System (U.S.).
- Ennis, Huberto M., 2018.
"A simple general equilibrium model of large excess reserves,"
Journal of Monetary Economics, Elsevier, vol. 98(C), pages 50-65.
- Huberto Ennis, 2014. "A simple general equilibrium model of large excess reserves," 2014 Meeting Papers 1357, Society for Economic Dynamics.
- Huberto M. Ennis, 2014. "A Simple General Equilibrium Model of Large Excess Reserves," Working Paper 14-14, Federal Reserve Bank of Richmond.
- Huberto M. Ennis & Todd Keister, 2008. "Understanding monetary policy implementation," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 94(Sum), pages 235-263.
- William Poole, 1968. "Commercial Bank Reserve Management In A Stochastic Model: Implications For Monetary Policy," Journal of Finance, American Finance Association, vol. 23(5), pages 769-791, December.
- Huberto M. Ennis & David A. Price, 2015. "Discount Window Lending: Policy Trade-offs and the 1985 BoNY Computer Failure," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue May.
- Bech, Morten L. & Klee, Elizabeth, 2011.
"The mechanics of a graceful exit: Interest on reserves and segmentation in the federal funds market,"
Journal of Monetary Economics, Elsevier, vol. 58(5), pages 415-431.
- Morten L. Bech & Elizabeth C. Klee, 2009. "The mechanics of a graceful exit: interest on reserves and segmentation in the federal funds market," Staff Reports 416, Federal Reserve Bank of New York.
- Morten L. Bech & Elizabeth C. Klee, 2010. "The mechanics of a graceful exit: interest on reserves and segmentation in the federal funds market," Finance and Economics Discussion Series 2010-07, Board of Governors of the Federal Reserve System (U.S.).
- Berger, Allen N. & Black, Lamont K. & Bouwman, Christa H.S. & Dlugosz, Jennifer, 2017. "Bank loan supply responses to Federal Reserve emergency liquidity facilities," Journal of Financial Intermediation, Elsevier, vol. 32(C), pages 1-15.
- Huberto M. Ennis & John A. Weinberg, 2016. "The Role of Central Bank Lending in the Conduct of Monetary Policy," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue December.
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.- Ennis, Huberto M., 2018.
"A simple general equilibrium model of large excess reserves,"
Journal of Monetary Economics, Elsevier, vol. 98(C), pages 50-65.
- Huberto M. Ennis, 2014. "A Simple General Equilibrium Model of Large Excess Reserves," Working Paper 14-14, Federal Reserve Bank of Richmond.
- Huberto Ennis, 2014. "A simple general equilibrium model of large excess reserves," 2014 Meeting Papers 1357, Society for Economic Dynamics.
- Huberto M. Ennis, 2016. "Models of Discount Window Lending: A Review," Economic Quarterly, Federal Reserve Bank of Richmond, issue 1Q, pages 1-50.
- Roc Armenter & Benjamin Lester, 2015.
"Excess reserves and monetary policy normalization,"
Working Papers
15-35, Federal Reserve Bank of Philadelphia.
- Benjamin Lester & Roc Armenter, 2015. "Excess Reserves and Monetary Policy Normalization," 2015 Meeting Papers 586, Society for Economic Dynamics.
- Fabio Canetg & Daniel Kaufmann, 2019.
"Shocking Interest Rate Floors,"
IRENE Working Papers
19-02, IRENE Institute of Economic Research.
- Fabio Canetg & Daniel Kaufmann, 2019. "Shocking Interest Rate Floors," Diskussionsschriften dp1901, Universitaet Bern, Departement Volkswirtschaft.
- 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.
- 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.
- Roc Armenter & Benjamin Lester, 2016. "Code and data files for "Excess Reserves and Monetary Policy Implementation"," Computer Codes 15-294, Review of Economic Dynamics.
- Gara Afonso & Ricardo Lagos, 2015.
"The Over‐the‐Counter Theory of the Fed Funds Market: A Primer,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 127-154, June.
- Gara M. dup Afonso & Ricardo Lagos, 2014. "The over-the-counter theory of the fed funds market: a primer," Staff Reports 660, Federal Reserve Bank of New York.
- Gara M. dup Afonso & Ricardo Lagos, 2014. "The Over-the-Counter Theory of the Fed Funds Market: A Primer," Working Papers 711, Federal Reserve Bank of Minneapolis.
- Morten L Bech & Cyril Monnet, 2013. "The Impact of Unconventional Monetary Policy on the Overnight Interbank Market," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Matthew Lilley & Mark Manning (ed.),Liquidity and Funding Markets, Reserve Bank of Australia.
- M. Vari, 2014.
"Implementing monetary policy in a fragmented monetary union,"
Working papers
529, Banque de France.
- Vari, Miklos, 2015. "Implementing Monetary Policy in a Fragmented Monetary Union," CEPREMAP Working Papers (Docweb) 1516, CEPREMAP.
- 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.
- 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.
- Jiho Lee, 2016. "Corridor System and Interest Rates: Volatility and Asymmetry," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(8), pages 1815-1838, December.
- 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. dup Afonso & Ricardo Lagos, 2014. "Trade Dynamics in the Market for Federal Funds," Working Papers 710, Federal Reserve Bank of Minneapolis.
- Gara M. dup Afonso & Ricardo Lagos, 2012. "Trade dynamics in the market for federal funds," Staff Reports 549, Federal Reserve Bank of New York.
- 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. dup 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 M. dup 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 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.
- Rod Garratt & Sofia Priazhkina, 2022. "Regulatory Requirements of Banks and Arbitrage in the Post-Crisis Federal Funds Market," Staff Working Papers 22-48, Bank of Canada.
- 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.
- Güntner, Jochen H.F., 2015.
"The federal funds market, excess reserves, and unconventional monetary policy,"
Journal of Economic Dynamics and Control, Elsevier, vol. 53(C), pages 225-250.
- Jochen Güntner, 2013. "The federal funds market, excess reserves, and unconventional monetary policy," Economics working papers 2013-12, Department of Economics, Johannes Kepler University Linz, Austria.
- 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.).
- Forero Alvarado, Santiago, 2023. "Manejo de liquidez bancaria, prima de liquidez y política monetaria," Documentos CEDE 20305, Universidad de los Andes, Facultad de Economía, CEDE.
More about this item
Keywords
Discount window; Financial crises; Borrowing;All these keywords.
JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBA-2021-02-08 (Central Banking)
- NEP-MAC-2021-02-08 (Macroeconomics)
- NEP-MON-2021-02-08 (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:fedrwp:89561. 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: Christian Pascasio (email available below). General contact details of provider: https://edirc.repec.org/data/frbrius.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.