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Financial market efficiency and the effectiveness of monetary policy

Author

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  • Michael Woodford

Abstract

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission

Suggested Citation

  • Michael Woodford, 2002. "Financial market efficiency and the effectiveness of monetary policy," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 85-94.
  • Handle: RePEc:fip:fednep:y:2002:i:may:p:85-94:n:v.8no.1
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    File URL: https://www.newyorkfed.org/medialibrary/media/research/epr/02v08n1/0205wood.pdf
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    References listed on IDEAS

    as
    1. Spindt, Paul A. & Hoffmeister, J. Ronald, 1988. "The Micromechanics of the Federal Funds Market: Implications for Day-of-the-Week Effects in Funds Rate Variability," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 23(04), pages 401-416, December.
    2. Chari, V.V. & Kehoe, Patrick J., 1999. "Optimal fiscal and monetary policy," Handbook of Macroeconomics,in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 26, pages 1671-1745 Elsevier.
    3. James A. Clouse & Douglas W. Elmendorf, 1997. "Declining required reserves and the volatility of the federal funds rate," Finance and Economics Discussion Series 1997-30, Board of Governors of the Federal Reserve System (U.S.).
    4. Hamilton, James D, 1996. "The Daily Market for Federal Funds," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 26-56, February.
    5. Furfine, Craig H., 2000. "Interbank payments and the daily federal funds rate," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 535-553, October.
    6. Michael Woodford, 2001. "Monetary policy in the information economy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 297-370.
    7. John B. Taylor, 2001. "Expectations, open market operations, and changes in the federal funds rate," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 33-58.
    8. Hall Robert, 2002. "Controlling the Price Level," The B.E. Journal of Macroeconomics, De Gruyter, vol. 2(1), pages 1-21, July.
    9. John B. Taylor, 1999. "Monetary Policy Rules," NBER Books, National Bureau of Economic Research, Inc, number tayl99-1.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Bennett T. McCallum, 2004. "Monetary Policy In Economies With Little Or No Money," Pacific Economic Review, Wiley Blackwell, vol. 9(2), pages 81-92, June.
    2. repec:eee:ecmode:v:70:y:2018:i:c:p:56-66 is not listed on IDEAS
    3. Jean-Luc Gaffard, 2014. "Crise de la théorie et crise de la politique économique. Des modèles d'équilibre général stochastique aux modèles de dynamique hors de l'équilibre," Revue économique, Presses de Sciences-Po, vol. 65(1), pages 71-96.
    4. Marzo, Massimiliano & Zagaglia, Paolo, 2008. "Determinacy of interest rate rules with bond transaction services in a cashless economy," Research Discussion Papers 24/2008, Bank of Finland.
    5. Aleksandra Maslowska-Jokinen & Anna MatysekJedrych, 2016. "Post-Crisis Regulatory and Supervisory Arrangements – The New ‘Old’ Central Banking," BAFFI CAREFIN Working Papers 1632, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    6. Hasan Cömert, 2012. "Decoupling between the Federal Funds Rate and Long-term Interest Rates: Decreasing Effectiveness of Monetary Policy in the U.S," Working Papers wp295, Political Economy Research Institute, University of Massachusetts at Amherst.
    7. Paul D. Mueller & Joshua Wojnilower, 2016. "The Federal Reserve's Floor System: Immediate Gain for Remote Pain?," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 31(Summer 20), pages 15-40.
    8. C. Sardoni, 2006. "Why Central Banks (and Money) Rule the Roost," Economics Working Paper Archive wp_457, Levy Economics Institute.
    9. repec:spo:wpecon:info:hdl:2441/c6t1fl36hv9s7q89j8m3l00al is not listed on IDEAS

    More about this item

    Keywords

    Monetary policy ; Financial markets;

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