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A new federal funds rate target series: September 27, 1982, - December 31, 1993

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  • Daniel L. Thornton

Abstract

This paper creates a new series of the FOMC*s Target for the federal funds rate for the period September 27, 1982 through December 31, 1993. The creation of this series was motivated by Thornton (2005). Analyzing the verbatim transcripts of the FOMC, Thornton finds that most of the FOMC believed they began targeting the funds rate even before it deemphasized M1*s role in the Fed*s daily operating procedure. The new series was constructed using the verbatim transcripts of FOMC meetings, the FOMC Blue Book, the Report of Open Market Operations and Money Market Conditions, and data that the author obtained from the Desk for the Federal Reserve Bank of New York dealing with open market operations over the period March 1984 through December 1996. The new series compared with another widely used series presented in Thornton and Wheelock (2000). There are some differences in the dating and magnitude of target changes between the two series prior to but not after August 1989.

Suggested Citation

  • Daniel L. Thornton, 2005. "A new federal funds rate target series: September 27, 1982, - December 31, 1993," Working Papers 2005-032, Federal Reserve Bank of St. Louis.
  • Handle: RePEc:fip:fedlwp:2005-032
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    File URL: http://research.stlouisfed.org/wp/2005/2005-032.pdf
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. The many faces of the federal funds rate
      by ? in FRED blog on 2015-09-21 18:00:16

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    Cited by:

    1. James D. Hamilton, 2007. "Assessing Monetary Policy Effects Using Daily Fed Funds Futures Contracts," NBER Working Papers 13569, National Bureau of Economic Research, Inc.
    2. Thornton, Daniel L., 2014. "Monetary policy: Why money matters (and interest rates don’t)," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 202-213.
    3. repec:spr:eurase:v:7:y:2017:i:2:d:10.1007_s40822-017-0069-x is not listed on IDEAS
    4. Kobayashi, Teruyoshi, 2009. "Announcements and the effectiveness of monetary policy: A view from the US prime rate," Journal of Banking & Finance, Elsevier, vol. 33(12), pages 2253-2266, December.

    More about this item

    Keywords

    Monetary policy ; Interest rates;

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