Tunnels and reserves in monetary policy implementation
Division of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2003 - Business & Economics - 23 pages
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account balance account overdraﬁ account position account shocks account uncertainties aggregate demand arbitrage Bank Reserve bank's desired interest bank's desired rate beneﬁts Brian Sack Central Bank Balances central bank's desired Central/Private Bank Uncertainty day interest rate deposit rate desired interest rate discount window dotted line Economics Discussion Series elastic region Euler condition European Central Bank excess reserves Federal Funds Federal Funds Rate Federal Reserve ﬁrst implementation of monetary Inﬂation information set interbank lending and deposit lending rate Lengwiler maintenance period Mark Carlson market interest rate market rate Monetary Policy Implementation Monetary Policy Rules normal distribution one-day tunnel model open market operations opportunity cost ovemight interest rates ovemight overdrafts ovemight rate overdraﬁs paper period-average requirements pre-settlement day private banks quantity of reserves rate on settlement reﬂect regime required balances required reserve reserve deﬁciencies reserve demand curve September 2002 settlement day interest symmetric tunnel framework voluntary reserve requirements Woodford