We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high … analyze a model federal funds market where uncertain liquidity flows transaction costs induce banks to delay trading bid up … interest rates at end each period. In this context, central bank's interest-rate-smoothing policy causes high supply liquid be …

stabilizing their own liquidity at high frequency. The latter institution follows a much more "hands-on" approach involving daily … intervention to fine-tune the liquidity of the banking system. We review the implications of these contrasting approaches, focusing … from their customary style of liquidity management. We find that, despite differences in operational framework, certain …

"We propose a model of the interbank money market with an explicit role for central bank intervention and periodic … reserve requirements, and study the interaction of profit-maximizing banks with a central bank targeting interest rates at …"--Federal Reserve Bank of New York web site …

details and in the style of central bank intervention, along both cross-sectional and time-series dimensions of our data. Our … requirements ; central bank procedures …

In moral hazard models, bank shareholders have incentives to transfer wealth from the deposit insurer - that is … value, and a risk measure, this paper develops a semi-parametric model for estimating the critical level of bank risk at …

several analytical approaches from large-sample theory and bootstrapped small-sample confidence intervals. We do so for two …"--Federal Reserve Bank of New York web site …