A requirement for the study of macroeconomic behavior in the early 1980s is an understanding of the monetary policy pursued by the Federal Reserve and of the way this policy was implemented. In an attempt to fulfill this requirement, the formulation and implementation of monetary policy are...

Since January 1994, the Federal Reserve Board has permitted depository institutions in the United States to implement so-called retail sweep programs. The essence of these programs is computer software that dynamically reclassifies customer deposits between transaction accounts, which are...

The Federal Reserve implements its monetary policy by using open market operations in U.S. government securities to target the federal funds rate. A substantial decline in the stock of U.S. Treasury debt could interfere with the conduct of monetary policy, possibly forcing the Fed to rely more...