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The Impact of Banks’ Cumulative Reserve Position on Federal Funds Rate Behavior

  • Spence Hilton

    (Federal Reserve Bank of New York)

  • Warren B. Hrung

    (Federal Reserve Bank of New York)

We analyze the impact that reserve levels accumulated through the preceding day in a reserve maintenance period have on the level of the federal funds rate each morning prior to when open-market operations are arranged. Our empirical results and other evidence provided about intraday patterns of the federal funds rate demonstrate that the pace at which reserves are supplied over a maintenance period to meet banks’ total reserve requirements is an important determinant of federal funds rate behavior.

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Article provided by International Journal of Central Banking in its journal International Journal of Central Banking.

Volume (Year): 6 (2010)
Issue (Month): 3 (September)
Pages: 101-118

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Handle: RePEc:ijc:ijcjou:y:2010:q:3:a:3
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