Discount window borrowing across Federal Reserve districts: evidence under contemporaneous reserve accounting

Article Abstract:

Discount window borrowing by banks vary across Federal Reserve districts, depending on their size and window administrations. But standard borrowing models do not seem to satisfactorily explain the borrowing of large banks. Thus, the efficacy of a borrowed reserves operating procedure for the Federal Reserve is hampered due to the Federal Reserve district's inability to predict bank demand for borrowed reserves. The need for future studies on the demand for borrowed reserves by bank size is stressed. This is seen to be imperative since banks' borrowing behavior has changed after the 1987 stock market crash.

Bank reserves

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A friction model of daily Bundesbank and Federal Reserve intervention

Article Abstract:

A study was conducted on the objectives of foreign exchange market interventions by the Bundesbank and the Federal Reserve System in the Deutsche Mark (DM)-US dollar market and the Japanese yen-US dollar market. The results indicate that German and US central banks exercised a 'leaned against the wind' policy in the two markets. Furthermore, the central banks seem to have reacted to increases in the conditional variance of daily DM/US dollar-returns.

DEPOSITORY INSTITUTIONS, Other Depository Credit Intermediation, Money Creating Institutions NEC, Banks (Finance), Foreign exchange, Central banks, Deutsche Bundesbank

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The effect of contemporaneous reserve accounting on the market for Federal funds

Article Abstract:

The impact of contemporaneous reserve accounting on the market for Federal funds was investigated. The results showed that the contemporaneous reserve accounting system causes an increase in the target reserve uncertainty. This uncertainty in turn caused the intraday Federal funds rate variance and the daily interest rate differences to increase, then subsequently decrease after a 'learning' period.

Federal funds market (United States)

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