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Expectations, Open Market Operations, and Changes in the Federal Funds Rate
10 references·16 citing·42 second hop
Expectations, Open Market Operations, and Changes in the Federal Funds Rate (2001)Expectations, Open Market Operations, and…Perfecting the Market's Knowledge of Monetary Policy (2000)Perfecting the Market's Knowl…Open mouth operations (2000)Open mouth operationsMonetary Policy in a World Without Money (2000)Monetary Policy in a World Wi…What do the VARs mean? Measuring the output effects of monetary policy (1998)What do the VARs mean? Measur…Systematic Monetary Policy and the Effects of Oil Price Shocks (1997)Systematic Monetary Policy an…The Daily Market for Federal Funds (1996)The Daily Market for Federal …Federal Reserve interest rate targeting, rational expectations, and the term structure (1995)Federal Reserve interest rate…Federal Reserve interest rate targeting, rational expectations, and the term structure (1995)Federal Reserve interest rate…The Observational Equivalence of Natural and Unnatural Rate Theories of Macroeconomics (1976)The Observational Equivalence…COMMERCIAL BANK RESERVE MANAGEMENT IN A STOCHASTIC MODEL: IMPLICATIONS FOR MONETARY POLICY (1968)COMMERCIAL BANK RESERVE MANAG…Monetary policy: Why money matters (and interest rates don’t) (2014)Monetary policy: Why money ma…Monetary base endogeneity and the new procedures of the asset-based Canadian and American monetary systems (2014)Monetary base endogeneity and…Does the Fed Control Interest Rates? (2013)Does the Fed Control Interest…Implementation of Monetary Policy: How Do Central Banks Set Interest Rates? (2010)Implementation of Monetary Po…The Need to Return to a Monetary Framework (2009)The Need to Return to a Monet…A Black Swan in the Money Market (2008)A Black Swan in the Money Mar…The making of US monetary policy: Central bank transparency and the neoliberal dilemma (2007)The making of US monetary pol…Overnight interbank loan markets (2006)Overnight interbank loan mark…Tests of the expectations hypothesis: Resolving the anomalies when the short-term rate is the federal funds rate (2005)Tests of the expectations hyp…The Response of Term Rates to Fed Announcements (2004)The Response of Term Rates to…Overnight Interbank Loan Markets (2004)Overnight Interbank Loan Mark…Timeliness and the Fed’s Daily Tactics (2003)Timeliness and the Fed’s Dail…The Fed and short-term rates: Is it open market operations, open mouth operations or interest rate smoothing? (2003)The Fed and short-term rates:…Inflation targets and inflation targeting (2002)Inflation targets and inflati…The Announcement Effect: Evidence from Open Market Desk Data (2001)The Announcement Effect: Evid…Identifying the Liquidity Effect at the Daily Frequency (2001)Identifying the Liquidity Eff…MONEY, INCOME, AND CAUSALITY (1972)"Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule (1975)A Classical Macroeconometric Model for the United States (1976)Testing the Rationality of Price Forecasts: New Evidence from Panel Data (1990)Chapter 50 Neighborhood effects (2004)The conquest of US inflation: Learning and robustness to model uncertainty (2005)Econometric policy evaluation: A critique (1976)Macroeconomics and Reality (1980)The federal funds rate and the channels of monetary transmission (1989)Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach (2005)Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market (2009)THE IMPACT OF OIL PRICE SHOCKS ON THE U.S. STOCK MARKET* (2009)The Information in Long-Maturity Forward Rates (1987)Yield Spreads and Interest Rate Movements: A Bird's Eye View (1991)Macroeconomic news and bond market volatility1We thank Walter Toshi Baily, Bob Korajczyk, Jim Poterba, Mark Watson, seminar participants at the University of Chicago, Columbia University, Cornell University, and the University of Montreal, and especially Ludger Hentschel (the referee) for helpful comments. We also thank Mark Mitchell for supplying data, and Amy C. Ko and Sydney Ludvigson for research assistance. Lamont was supported by the FMC Faculty Research Fund at the Graduate School of Business, University of Chicago. A portion of this research was completed while Lumsdaine was a National Fellow at the Hoover Institution. We also thank the Financial Research Center at Princeton University for support. A previous version of this paper circulated as `Public Information and the Persistence of Bond Market Volatility'.1 (1998)Trend Inflation, Taylor Principle, and Indeterminacy (2009)Capital regulation and monetary policy with fragile banks (2013)Price level determinacy with an interest rate policy rule and rational expectations (1981)LIQUIDITY AND ANNOUNCEMENT EFFECTS IN THE EURO AREA (2002)The Optimality of (S,s) Policies in the Dynamic Inventory Problem (2005)Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence (2008)Stock Returns Over the FOMC Cycle (2015)A Program for Monetary Stability (1961)Challenges for monetary policy : new and old (1999)The Great Recession: Lessons for Macroeconomic Policy from Japan (2001)UNCONVENTIONAL MONETARY POLICIES: AN APPRAISAL (2010)Expectations and the neutrality of money (1972)In Search of the Transmission Mechanism of Fiscal Policy [with Comments and Discussion] (2007)Vector autoregressions and reduced form representations of DSGE models (2007)Bank liquidity creation, monetary policy, and financial crises (2017)A No-Arbitrage Vector Autoregression of Term Structure Dynamics with Macroeconomic and Latent Variables (1999)Bank Activity and Funding Strategies: The Impact on Risk and Return (2009)The Effect of Financial Crisis in Corporate Social Responsibility Performance (2011)The COVID-19 Black Swan Crisis: Reaction and Recovery of Various Financial Markets (2020)The Statistical and Economic Role of Jumps in Continuous‐Time Interest Rate Models (2004)Lending relationships in the interbank market (2008)Liquidity in Asset Markets With Search Frictions (2009)Alternative approaches to the theory of the banking firm (1980)Monetary Theory and Policy, 2nd Edition (2003)Funding liquidity risk: Definition and measurement (2012)Some Lessons from the Yield Curve (1995)Interest-rate smoothing and optimal monetary policy: a review of recent empirical evidence (2000)
this work references cited by second hop

References

  • 1997Systematic Monetary Policy and the Effects of Oil Price Shocks1,594 cited
  • 1996The Daily Market for Federal Funds426 cited
  • 1995Federal Reserve interest rate targeting, rational expectations, and the term structure373 cited
  • 1995Federal Reserve interest rate targeting, rational expectations, and the term structure356 cited
  • 1968COMMERCIAL BANK RESERVE MANAGEMENT IN A STOCHASTIC MODEL: IMPLICATIONS FOR MONETARY POLICY326 cited
  • 1976The Observational Equivalence of Natural and Unnatural Rate Theories of Macroeconomics289 cited
  • 2000Monetary Policy in a World Without Money256 cited
  • 2000Open mouth operations249 cited
  • 1998What do the VARs mean? Measuring the output effects of monetary policy197 cited
  • 2000Perfecting the Market's Knowledge of Monetary Policy118 cited

Cited by

  • 2008A Black Swan in the Money Market148 cited
  • 2007The making of US monetary policy: Central bank transparency and the neoliberal dilemma115 cited
  • 2004The Response of Term Rates to Fed Announcements94 cited
  • 2002Inflation targets and inflation targeting86 cited
  • 2010Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?

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82 cited
  • 2003The Fed and short-term rates: Is it open market operations, open mouth operations or interest rate smoothing?69 cited
  • 2001Identifying the Liquidity Effect at the Daily Frequency62 cited
  • 2014Monetary base endogeneity and the new procedures of the asset-based Canadian and American monetary systems52 cited
  • 2001The Announcement Effect: Evidence from Open Market Desk Data48 cited
  • 2006Overnight interbank loan markets48 cited
  • 2014Monetary policy: Why money matters (and interest rates don’t)47 cited
  • 2013Does the Fed Control Interest Rates?46 cited
  • 2009The Need to Return to a Monetary Framework43 cited
  • 2005Tests of the expectations hypothesis: Resolving the anomalies when the short-term rate is the federal funds rate40 cited
  • 2003Timeliness and the Fed’s Daily Tactics35 cited
  • 2004Overnight Interbank Loan Markets34 cited