imperfect bank arbitrage of reserve demand between days of the week. Some stylized facts are presented about funds rate behavior …

the macroeconomic effects of changes in central bank interest rates. To properly identify exogenous central bank interest …

fundamental reserve demands of Fed member banks, we find that despite being doubled, reserve requirements were not binding on bank …

discourage and sterilize international capital flows. In this paper we utilize an open economy macro model incorporating bank …

In this paper we use the relative movements in bank loans and commercial paper to provide evidence on the existence of … the availability of bank loans. We find that tighter monetary policy leads to a shift in firms' mix of external financing … -- commercial paper issuance rises while bank loans fall, suggesting that loan supply has indeed been reduced. Furthermore, these …

An implicit rationale for a bank reserve requirement is that a central monetary authority is in a unique position (as …

forecasting is that the funds rate sensitively records shocks to the supply of (not the demand for) bank reserves, i.e. the funds … "credit" (that is, bank loans) as well as through "money" (that is, bank deposits) - even though bank loans fail to Granger …

instrument of monetary policy. We show that by paying an appropriate rate on reserves, the central bank can pin the price level …