Declining Required Reserves, Funds Rate Volatility, and Open Market OperationsDivision of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2003 - Bank reserves - 42 pages |
Common terms and phrases
as-of adjustments Bai and Perron balance needs borrowing Brian Sack Credit Daily Free Reserves December Declining Required Reserves Demiralp dependent variable depository institutions Desk's reaction function Desk's response Deviation basis points draining operations Economics Discussion Series excess reserves explanatory variables February federal funds rate Federal Reserve Bank Federal Reserve System Finance and Economics Free Reserves Surplus funds rate volatility High-Low Range increase interest rate intraday standard deviation January Jorda long-term RPs maintenance period marginal effects million Monetary Policy Morning premiums MSP operation null hypothesis number of breaks open market operations overdraft overnight RP operations payment flows payment-related demands period average Rate from Target ratio reflect remaining reserve need repurchase agreements required clearing balances required reserve balances reserve demand reserve impact reserve requirements Second Friday Settlement Wednesday Special Pressure Days Structural Break Tests Term MSP term operation term RP operations Thursday tobit model total required balances transaction deposits transactions Wald test