Tunnels and Reserves in Monetary Policy ImplementationDivision of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2003 - Bank reserves - 23 pages |
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account overdrafts account position account shock aggregate demand bank's desired interest bank's desired rate Brian Sack Central Bank Balances central bank's deposit central bank's desired Central/Private Bank Uncertainty day interest rate desired interest rate discount window dotted line E(is Economics Discussion Series elastic region Euler condition European Central Bank excess reserves expected settlement day Federal Funds Rate Federal Reserve Board Finance and Economics i*+s implementation of monetary information set interbank intertemporal arbitrage lending and deposit lending rate Lengwiler maintenance period Mark Carlson market interest rate market rate Monetary Policy Implementation normal distribution one-day tunnel model open market operations opportunity cost overnight interest rates overnight overdrafts overnight rate paper period-average requirements pre-settlement day private banks quantity of reserves rate on settlement required balances required reserve reserve deficiencies reserve demand curve Reserves in Monetary settlement day interest symmetric tunnel framework Tunnels and Reserves voluntary reserve requirements Woodford