The Federal Funds Market, Pre- and Post-2008

Eric Swanson

No 29762, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This chapter provides an overview of the federal funds market and how the equilibrium federal fund rate is determined. I devote particular attention to comparing and contrasting the federal funds market before and after 2008, since there were several dramatic changes around that time that completely changed the market and the way in which the equilibrium federal funds rate is determined. The size of this structural break is arguably as large and important as the period of reserves targeting under Fed Chairman Paul Volcker from 1979–82. Finally, I discuss the relationship between the federal funds rate and other short-term interest rates in the U.S. and the outlook for the federal funds market going forward.

JEL-codes: E43 E52 E58 (search for similar items in EconPapers)
Date: 2022-02
New Economics Papers: this item is included in nep-ban, nep-cba, nep-fmk, nep-his, nep-mac and nep-mon
Note: ME
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Chapter: The federal funds market, pre- and post-2008 (2023)
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