BANK BEHAVIOR, INTEREST-RATE DETERMINATION, AND MONETARY-POLICY IN A FINANCIAL-SYSTEM WITH AN INTRADAY FEDERAL-FUNDS MARKET

被引：16

作者：

VANHOOSE, DD

机构：

[1] FED RESERVE SYST,BOARD DIV MONETARY AFFAIRS,WASHINGTON,DC 20551

[2] FED RESERVE BANK,KANSAS CITY,KS

来源：

JOURNAL OF BANKING & FINANCE | 1991年 / 15卷 / 02期

关键词：

D O I：

10.1016/0378-4266(91)90072-T

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper has two purposes. One is to construct a formal model of the determination of and relationships between interest rates on funds with 24-hour, overnight, and intraday terms. The second is to use this model to examine the likely effects of alternative Federal Reserve proposals for addressing the issue of intraday extension of Federal Reserve credit in the form of daylight overdrafts of bank reserve accounts. It is demonstrated that present proposals all entail potentially significant drawbacks for monetary policy. © 1991.

引用

页码：343 / 365

页数：23

共 27 条

[21] THE MICROMECHANICS OF THE FEDERAL-FUNDS MARKET - IMPLICATIONS FOR DAY-OF-THE-WEEK EFFECTS IN FUNDS RATE VARIABILITY [J].