Name: Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations (en Inglés)
Price: 25980.00 CLP
Availability: InStock
Author: Federal Reserve Board
ISBN: 9781511467247

portada Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations (en Inglés)

Formato

Libro Físico

Autor

United States Federal Reserve Board

Editorial

Createspace Independent Publishing Platform

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

28.0 x 21.6 x 0.2 cm

Peso

0.11 kg.

ISBN13

9781511467247

Categorías

Economía monetaria

Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations (en Inglés)

United States Federal Reserve Board (Autor) · Createspace Independent Publishing Platform · Tapa Blanda

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Reseña del libro "Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations (en Inglés)"

We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors, including nonbank institutions that are significant lenders in money markets, could complement the use of the interest on excess reserves (IOER) and help control short-term interest rates. We examine some potentially important secondary effects of an ON RRP facility, both positive and negative, including impacts on the structure of short-term funding markets and financial stability. We also investigate design features of an ON RRP facility that could mitigate secondary effects deemed undesirable. Finally, we discuss tradeoffs that policymakers may face in designing an ON RRP facility, as they seek to balance the objectives of setting an effective floor on money market rates during the normalization process and limiting any adverse secondary effects.