The Discount Rate and Market Interest Rates: Theory and Evidence

Daniel L. Thornton

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Economic theories and models

Abstract

Daniel L. Thornton discusses the theoretical links between the Federal Reserve’s discount rate and market interest rates and presents some empirical evidence on the extent of this link. He finds that, both in theory and practice, the direct relationship between the discount rate and money market rates is extremely weak.

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References

1983THE VANISHING LIQUIDITY EFFECT OF MONEY ON INTEREST: ANALYSIS AND IMPLICATIONS FOR POLICY

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1992Discount rate policy under alternative operating procedures: An empirical investigation 1989The Instruments and Operating Procedures for Conducting Monetary Policy in the Group of Five Countries 2004The effects of monetary policy changes on market interest rates in Greece: An event study approach 2004An analysis of PRIBOR interest rates sensitivity to changes in Czech national bank repo rate

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