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Monetary policy: why money matters, and interest rates don’t

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2012

rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested … that money is irrelevant for monetary policy. They suggest that central banks can control inflation by (i) controlling a … rate in order to exert greater control over longer-term rates. I offer an alternative perspective: namely, that money is …

Persistent link: https://www.econbiz.de/10010558739

A new federal funds rate target series : september 27, 1982 - december 31, 1993

Thornton, Daniel L. (contributor) - 2005

Persistent link: https://www.econbiz.de/10003342430

When did the FOMC begin targeting the federal funds rate? : What the verbatim transcripts tell us

Thornton, Daniel L. (contributor) - 2004 - [Elektronische Ressource],

Persistent link: https://www.econbiz.de/10002496906

Open market operations and the federal funds rate

Thornton, Daniel L. (contributor) - 2005

"The Fed's ability to control the federal funds rate stems from its ability to alter the supply of liquidity in the overnight market through open market operations. This paper uses daily data compiled by the author from the records of the Trading Desk of the Federal Reserve Bank of New York over...

Persistent link: https://www.econbiz.de/10003115153

Monetary policy in theory and practice : proceedings of the Twenty-Fifth Annual Economic Policy Conference of the Federal Reserve Bank of St.Louis

Thornton, Daniel L. (contributor) - 2001

Persistent link: https://www.econbiz.de/10001602202

Monetary policy transparency : transparent about what?

Thornton, Daniel L. (contributor) - 2003 - [Elektronische Ressource], rev

Persistent link: https://www.econbiz.de/10001974807

Whatś unique about the federal funds rate? : Evidence from a spectral perspective

Sarno, Lucio (contributor); Thornton, Daniel L. (contributor) - 2002 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001974839

The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations?

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2000

It is widely believed that the Fed controls the funds rate by altering the degree of pressure in the reserve market through open market operations when it changes its target for the federal funds rate. Recently, however, several economists have suggested that open market operations may not be...

Persistent link: https://www.econbiz.de/10005360541

Identifying the liquidity effect: the case of nonborrowed reserves

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 1996

Despite the fact that efforts to identify it empirically have largely been futile, the liquidity effect plays a central role in conventional monetary theory and policy. Recently, however, an increasing volume of empirical work [Christiano and Eichenbaum (1992a,b), Christiano, Eichenbaum and...

Persistent link: https://www.econbiz.de/10005360647

The identification of the response of interest rates to monetary policy actions using market-based measures of monetary policy shocks

Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2009

It is common practice to estimate the response of asset prices to monetary policy actions using market-based measures of monetary policy shocks, such as the federal funds futures rate. I show that because interest rates and market-based measures of monetary policy shocks respond simultaneously...

Persistent link: https://www.econbiz.de/10005077869