The Library of Congress > Linked Data Service > BIBFRAME Works

Bibframe Work

Title
The liquidity effect in the federal funds market
Type
Text
Monograph
Subject
Liquidity effect
federal funds market
Language
English
Classification
LCC: HG1 (Assigner: dlc) (Status: used by assigner)
Supplementary Content
bibliography
Content
text
Summary
"We use forecast errors made by the Federal Reserve while preparing open market operations to identify a liquidity effect at a daily frequency in the federal funds market. Unlike Hamilton (1997), we find a liquidity effect on many days of the reserve maintenance period besides settlement day. The effect is non-linear; large changes in supply have a measurable effect, but small changes do not. In addition, a higher aggregate level of reserve balances in the banking system is associated with a smaller liquidity effect during the maintenance period but a larger liquidity effect on the last days of the period"--Federal Reserve Board web site.
Government Publication Type
Federal
Authorized Access Point
Carpenter, Seth B., 1970- The liquidity effect in the federal funds market