Determinants of the federal funds rate: 1979-1982

On October 6, 1979 the Federal Reserve, in an effort to improve monetary control, changed its operating procedures to give greater emphasis to managing the growth of bank reserves. Some movements in the federal funds rate under the new procedures were an automatic response to deviations of the money stock from its short-run target. Most, however, resulted from judgmental actions by the Federal Reserve.Federal funds market (United States) ; Monetary policy

Determinants of individual tax-exempt bond yields : a survey of the evidence

An abstract for this article is not available.Bond market ; Bonds

Treasury bills

Treasury bills ; Money market

Regulation Q and the behavior of savings and small time deposits at commercial banks and thrift institutions

An abstract for this article is not availableBanks and banking ; Regulation Q: Prohibition Against Payment of Interest on Demand Deposits

Are NOWs being used as savings accounts?

Has the introduction of interest-bearing NOW accounts altered the nature of M1? That monetary aggregate, of course, is intended to measure purely transactions balances as typified by conventional checking accounts. But some observers think that consumers are using the NOW component of M1 as savings as well as transactions balances. If so, then M1 contains a nontransactions component; consequently, its growth rate compatible with any given rate of GNP growth is higher than before the introduction of NOWs. In this article, Timothy Q. Cook and Timothy D. Rowe marshal evidence on the use of NOW accounts to see if they are being employed as savings vehicles. They try to determine if consumers have consolidated their regular checking and savings accounts into NOWs. They also compare the characteristics of NOWs to those of other transactions and savings accounts. In general, they find no evidence of widespread use of NOWs as savings accounts. They conclude that there is no reason to believe that the introduction of interest-bearing checking accounts has altered the long-run relationship between M1 and economic activity.NOW accounts

Net corporate saving in the 1970's

An abstract for this article is not available.Saving and investment

The impact of large time deposits on the growth rate of M2

An abstract for this article is not availableMoney

Changing yield spreads in the U.S. government bond market

An abstract for this article is not availableBond market

The reaction of interest rates to the employment report: the role of policy anticipations

Interest rates have reacted strongly to the monthly employment report in recent years. The authors document the reaction of rates to the report and provide evidence that it has been stronger since the mid-1980s than in earlier years. Evidently the report now has greater impact than formerly on expectations of where the Fed is going to move the federal funds rate. These expectations influence longer-term money market rates.Interest rates ; Employment (Economic theory) ; Monetary policy