How people pay: Evidence from grocery store data
In: Journal of Monetary Economics, Band 55, Heft 3, S. 526-541
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In: Journal of Monetary Economics, Band 55, Heft 3, S. 526-541
In: Journal of economics and business, Band 63, Heft 4, S. 306-328
ISSN: 0148-6195
In: FEDS Working Paper No. 2021-016 https://doi.org/10.17016/FEDS.2021.016
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In: Journal of Monetary Economics, Band 58, Heft 5, S. 415-431
To combat the financial crisis that intensified in the fall of 2008, the Federal Reserve injected a substantial amount of liquidity into the banking system. The resulting increase in reserve balances exerted downward price pressure in the federal funds market, and the effective federal funds rate began to deviate from the target rate set by the Federal Open Market Committee. In response, the Federal Reserve revised its operational framework for implementing monetary policy and began to pay interest on reserve balances in an attempt to provide a floor for the federal funds rate. Nevertheless, following the policy change, the effective federal funds rate remained below not only the target but also the rate paid on reserve balances. We develop a model to explain this phenomenon and use data from the federal funds market to evaluate it empirically. In turn, we show how successful the Federal Reserve may be in raising the federal funds rate even in an environment with substantial reserve balances.
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In: FEDS Working Paper No. 2024-65
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In: Journal of Monetary Economics, Band 117, S. 187-202
In: FEDS Working Paper No. 2017-075
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In: FEDS Working Paper No. 2020-008 https://doi.org/10.17016/FEDS.2020.008
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In: FEDS Working Paper No. 2020-8
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In: FEDS Working Paper No. 2013-01
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In: FEDS Working Paper No. 2012-56
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In: FEDS Working Paper No. 2024-45
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