We develop a model of the market for federal funds that explicitly accounts for its two distinctive features: banks have to search for a suitable counterparty, and once they have met, both parties negotiate the size of the loan and the repayment. The theory is used to answer a number of positive...

Remarks at the University of Chicago Booth School of Business Annual U.S. Monetary Policy Forum, New York City.

Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.

Remarks before the Morris County Chamber of Commerce, Florham Park, New Jersey.

Remarks at the Andrew Crockett Memorial Lecture, Bank for International Settlements 2013 Annual General Meeting, Basel, Switzerland.

Remarks at the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York City.

Remarks at the Fordham Corporate Law Center Lecture, New York.

Remarks at the Association for a Better New York Breakfast Meeting, Grand Hyatt, New York.

Remarks at the Economic Club of New York, New York City.

Since December 2008, the Federal Reserve's traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Federal Reserve purchased substantial...