The topology of the federal funds market

Morten L. Bech; Enghin Atalay

The recent turmoil in global financial markets underscores the importance of the federal funds market as a means of distributing liquidity throughout the financial system and a tool for implementing monetary policy. In this paper, we explore the network topology of the federal funds market. We find that the network is sparse, exhibits the small-world phenomenon, and is disassortative. In addition, reciprocity loans track the federal funds rate, and centrality measures are useful predictors of the interest rate of a loan. -- Federal funds ; network ; topology ; interbank ; money markets

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Year of publication:	2008
Other Persons:	Bech, Morten L. (contributor) ; Atalay, Enghin (contributor)
Publisher:	New York, NY : Federal Reserve Bank of New York
Subject:	Geldmarkt \| Money market

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Extent:	Online-Ressource, (30 S.) graph. Darst.
Series:	Staff reports / Federal Reserve Bank of New York. - New York, NY : [Verlag nicht ermittelbar], ZDB-ID 2189304-4. - Vol. 354
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat reader
Other identifiers:	hdl:10419/60744 [Handle]
Classification:	E40 - Money and Interest Rates. General ; E58 - Central Banks and Their Policies ; E59 - Monetary Policy, Central Banking and the Supply of Money and Credit. Other ; G10 - General Financial Markets. General
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10003781796