74 posts on "Fed Funds"
February 7, 2014
Crisis Chronicles: The Commercial Credit Crisis of 1763 and Today’s Tri‑Party Repo Market
During the economic boom and credit expansion that followed the Seven Years’ War (1756-63), Berlin was the equivalent of an emerging market, Amsterdam’s merchant bankers were the primary sources of credit, and the Hamburg banking houses served as intermediaries between the two.
January 15, 2014
Why Do Banks Feel Discount Window Stigma?
Olivier Armantier Even when banks face acute liquidity shortages, they often appear reluctant to borrow at the New York Fed’s discount window (DW) out of concern that such borrowing may be interpreted as a sign of financial weakness. This phenomenon is often called “DW stigma.” In this post, we explore possible reasons why banks may […]
December 23, 2013
The Fragility of an MMF‑Intermediated Financial System
Since the financial crisis of 2007-09—and, in particular, the run on prime money market funds (MMFs) in September 2008—policymakers have been concerned that the funds’ fragility may render banks themselves more susceptible to risk.
Posted at 7:02 am in Fed Funds, Financial Institutions, Financial Intermediation | Permalink | Comments (1)
December 9, 2013
Who’s Borrowing in the Fed Funds Market?
The federal funds market plays an important role in the implementation of monetary policy.
Posted at 7:00 am in Fed Funds, Financial Institutions, Financial Markets, Monetary Policy | Permalink | Comments (2)
December 2, 2013
Who’s Lending in the Fed Funds Market?
The federal funds market is important to the framework and implementation of U.S. monetary policy.
Posted at 7:00 am in Fed Funds, Financial Institutions, Financial Markets, Monetary Policy | Permalink | Comments (2)
October 9, 2013
Twenty‑Eight Money Market Funds That Could Have Broken the Buck: New Data on Losses during the 2008 Crisis
Marco Cipriani, Michael Holscher, Antoine Martin, and Patrick E. McCabe During the financial crisis in 2008, just one money market fund (MMF) “broke the buck”—that is, its share price dropped below one dollar. The Reserve Primary Fund announced on September 16 that the value of its shares had dropped to 97 cents. As we discussed in […]
August 15, 2013
More Than Meets the Eye: Some Fiscal Implications of Monetary Policy
In 2012, the Fed’s remittances to the U.S. Treasury amounted to $88.4 billion.
July 22, 2013
Just Released: Mapping Changes in School Finances
This morning, the New York Fed released a set of interactive maps and charts illuminating school finances in New York and New Jersey.
Posted at 7:02 am in Education, Fed Funds, New York, Recession, Regional Analysis | Permalink | Comments (1)
April 3, 2013
I Want My Money Now: The Highs and Lows of Payments in Real Time
Peel back the layers of complex financial institutions and instruments, and you’re
left with individuals demanding to be paid, and to be paid quickly.
February 25, 2013
The Macroeconomic Effects of Forward Guidance
In this post, we quantify the macroeconomic effects of central bank announcements about future federal funds rates, or forward guidance.
Posted at 7:00 am in DSGE, Expectations, Fed Funds, Forecasting, Inflation, Monetary Policy | Permalink | Comments (3)
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