Interest Rate Control Is More Complicated Than You Thought
Stephen Williamson
The Regional Economist, 2016, issue April
Abstract:
Setting the fed funds rate is just one step. The Fed also has to deal with the discount rate and the interest rate paid on reserves. Throw in a floor system (with a subfloor!) and overnight reverse repos, and you?ve got a process that is anything but simple.
Date: 2016
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