Hidden Bibliographic Details
| Other authors / contributors: | Bertola, Giuseppe.
Prati, Alessandro, 1961-
International Monetary Fund. Research Department.
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| Notes: | Includes bibliographical references (pages 33-34).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each "reserve maintenance period," when the opportunity cost of holding reserves is typically highest. We then propose and analyze a model of the federal funds market where uncertain liquidity flows and transaction costs induce banks to delay trading and to bid up interest rates at the end of each maintenance period
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| Other form: | Print version: Bartolini, Leonardo. Banks' reserve management, transaction costs, and the timing of Federal Reserve intervention. [Washington, D.C.] : International Monetary Fund, Research Dept., ©2000
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