English, Article, Journal or magazine article edition: Whither the liquidity effect: the impact of Federal Reserve Open Market Operations in recent years Ruth Judson; Elizabeth Klee

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Bookmark: http://trove.nla.gov.au/version/75127
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Whither the liquidity effect: the impact of Federal Reserve Open Market Operations in recent years
Author
  • Ruth Judson
  • Elizabeth Klee
Physical Description
  • preprint
Notes
  • Previous research indicated that the daily liquidity effect, or the change in the federal funds rate associated with an exogenous change in Fed balances, varies with several factors including the day of the maintenance period. In this paper, we examine the data over the recent period of increased Federal Reserve transparency and find that the liquidity effect stabilized across days of the maintenance period. Rather, the liquidity effect may be a function of the uncertainty about banks' end-of-day balances. Moreover, we find that increased transparency led to a larger liquidity effect on the days prior to an FOMC meeting.
  • RePEc:fip:fedgfe:2009-25
Language
  • English
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