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Who’s Borrowing in the Fed Funds Market?


  • Gara M. Afonso
  • Alex Entz
  • Eric LeSueur


The federal funds market plays an important role in the implementation of monetary policy. In our previous post, we examine the lending side of the fed funds market and the decline in total fed funds volume since the onset of the financial crisis. In today?s post, we discuss the borrowing side of this market and the interesting role played by foreign banks.

Suggested Citation

  • Gara M. Afonso & Alex Entz & Eric LeSueur, 2013. "Who’s Borrowing in the Fed Funds Market?," Liberty Street Economics 20131209, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednls:86913

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    Cited by:

    1. Stephen D. Williamson, 2015. "Monetary Policy Normalization in the United States," Review, Federal Reserve Bank of St. Louis, vol. 97(2), pages 87-108.
    2. Zeynep Senyuz & Emre Yoldas, 2015. "Financial Stress and Equilibrium Dynamics in Money Markets," Finance and Economics Discussion Series 2015-91, Board of Governors of the Federal Reserve System (U.S.).
    3. Elizabeth C. Klee & Zeynep Senyuz & Emre Yoldas, 2016. "Effects of Changing Monetary and Regulatory Policy on Overnight Money Markets," Finance and Economics Discussion Series 2016-084, Board of Governors of the Federal Reserve System (U.S.).
    4. Joseph E. Gagnon & Brian Sack, 2014. "Monetary Policy with Abundant Liquidity: A New Operating Framework for the Fed," Policy Briefs PB14-4, Peterson Institute for International Economics.

    More about this item


    Federal funds; borrowing; foreign institutions;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services

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