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Open market operations in the 1990s

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  • Cheryl L. Edwards
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    Abstract

    Open market operations--the purchase and sale of Treasury and federal agency securities--are the Federal Reserve's principal tool for implementing monetary policy. The objectives and conduct of open market operations have continued to evolve in the 1990s, partly in response to the way the Federal Open Market Committee implements monetary policy and explains it to the public. Also shaping operations have been changes in financial markets, including developments in the market for repurchase agreements and declines in the balances that depository institutions must hold at the Federal Reserve.

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    File URL: http://www.federalreserve.gov/pubs/bulletin/1997/199711lead.pdf
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    Bibliographic Info

    Article provided by Board of Governors of the Federal Reserve System (U.S.) in its journal Federal Reserve Bulletin.

    Volume (Year): (1997)
    Issue (Month): Nov ()
    Pages: 859-874

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    Handle: RePEc:fip:fedgrb:y:1997:i:nov:p:859-874:n:v.83no.11

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    Related research

    Keywords: Federal Open Market Committee ; Open market operations;

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    Cited by:
    1. Judson, Ruth A. & Klee, Elizabeth, 2010. "Whither the liquidity effect: The impact of Federal Reserve open market operations in recent years," Journal of Macroeconomics, Elsevier, vol. 32(3), pages 713-731, September.
    2. Demiralp, Selva & Farley, Dennis, 2005. "Declining required reserves, funds rate volatility, and open market operations," Journal of Banking & Finance, Elsevier, vol. 29(5), pages 1131-1152, May.
    3. Selva Demiralp, 2001. "Monetary policy in a changing world: rising role of expectations and the anticipation effect," Finance and Economics Discussion Series 2001-55, Board of Governors of the Federal Reserve System (U.S.).
    4. Selva Demiralp & Oscar Jorda, . "The Announcement Effect: Evidence from Open Market Desk Data," Department of Economics 01-04, California Davis - Department of Economics.
    5. Mierzejewski, Fernando, 2008. "The optimal liquidity principle with restricted borrowing," MPRA Paper 12549, University Library of Munich, Germany.
    6. He, Ling T., 2006. "Variations in effects of monetary policy on stock market returns in the past four decades," Review of Financial Economics, Elsevier, vol. 15(4), pages 331-349.
    7. repec:wyi:wpaper:002014 is not listed on IDEAS
    8. Ruth Judson & Elizabeth Klee, 2009. "Whither the liquidity effect: the impact of Federal Reserve Open Market Operations in recent years," Finance and Economics Discussion Series 2009-25, Board of Governors of the Federal Reserve System (U.S.).

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