Showing 1 – 8 of 8 results.
Curated
Open Market Operations and the Federal Funds Rate (ICPSR 21303)
Released/updated on: 2007-11-08
Geographic coverage: United States
It is commonly believed that the Fed's ability to control the federal funds rate stems from its ability to alter the supply of liquidity in the overnight market through open market operations. This paper uses daily data compiled by the author from the records of the Trading Desk of the Federal Reserve Bank of New York over the period March 1, 1984, through December 31, 1996. The author analyzes the Desk's use of its operating procedure in implementing monetary policy and the extent to which open market operations affect the federal funds rate-- the liquidity effect. The author finds that the operating procedure was used to guide daily open market operations. However, there is little evidence of a liquidity effect at the daily frequency and even less evidence at lower frequencies. Consistent with the absence of a liquidity effect, open market operations appear to be a relatively unimportant source of liquidity to the federal funds market.
Curated
Reconstruction of the Federal Reserve Bank of St. Louis Adjusted Monetary Base and Reserves (ICPSR 1293)
Released/updated on: 2003-10-09
Geographic coverage: United States
This article summarizes a reconstruction of the adjusted monetary base and adjusted bank reserves of the Federal Reserve Bank of St. Louis. The revised figures, based on as much original source data as feasible, include changes to both the monetary (source) base and reserve requirement magnitude (RAM). The revised figures include the new measure or RAM developed by Anderson and Rasche (2001) that interprets the operation of retail-deposit sweep programs by United States banks, beginning in 1994, as economically equivalent to a reduction in statutory reserve requirements. The authors also present new seasonal adjustment factors that incorporate adjustments for the Y2K-related surge in the monetary base and reserves.
Curated
Darryl Francis and the Making of Monetary Policy, 1966-1975 (ICPSR 1283)
Released/updated on: 2003-06-25
Geographic coverage: United States
Darryl Francis was president of the Federal Reserve Bank of St. Louis from 1966 to 1975. Throughout those years he was a leading critic of United States monetary policy. Francis argued in policy meetings and public venues that monetary policy should focus on maintaining a stable price level. In contrast, most policymakers at the time believed it possible to exploit a trade-off between unemployment and inflation. Francis attributed inflation directly to excessive growth of the money stock while other policymakers blamed labor and product market failures, fiscal policy, and commodity price shocks. Francis argued that inflation could not be controlled except by limiting the growth of monetary aggregates whereas other policymakers promoted price controls or other schemes. Francis favored maintaining a stable money stock growth rate at a time when monetary policy was widely interpreted as involving the manipulation of interest rates. Reviewing the debates between Francis and his Federal Reserve colleagues improves our understanding of the reasons behind the Fed's monetary policy actions at the time and illuminates how policy views evolved toward accepting price level stability as the paramount, long-term objective for monetary policy.
Curated
Do Changes in Reserves Proxy Well for Official Intervention? (ICPSR 1229)
Released/updated on: 2000-12-06
Geographic coverage: United States, Switzerland, Germany, Global
The study of foreign exchange intervention has been slowed by the traditional reluctance of central banks to release intervention data to researchers. To circumvent the lack of actual intervention data, researchers often have used publicly available foreign exchange reserves data to proxy for the confidential intervention data. Little research has been done, however, to compare the characteristics of reserves and intervention. In this article, the author addresses that issue by using time-series techniques and measures of correlation to compare American, Swiss, and German monthly intervention and reserves series. Although the raw correlations are modest, ranging from about 0.12 to 0.42, some simple adjustments for seasonality and ERM realignments can increase the correlations in the Swiss and German data. More sophisticated adjustment techniques would be difficult and time-consuming.
Curated
Sensitivity of Empirical Studies to Alternative Measures of the Monetary Base and Reserves (ICPSR 1171)
Released/updated on: 1998-10-06
These data apply both the old and revised measures (see MEASURING THE ADJUSTED MONETARY BASE IN AN ERA OF FINANCIAL CHANGE [ICPSR 1169]) in empirical models to examine whether the revisions cause the conclusions to change.
Curated
FOMC in 1995: A Step Closer to Inflation Targeting? (ICPSR 1167)
Released/updated on: 1998-08-27
Geographic coverage: United States
Time period: 1995-01-01--1995-12-31
The data explore using price level rather than money supply as a guide for Federal Open Market Committee (FOMC) policy regarding inflation.
Curated
Balance of Payments Statistics (ICPSR 8623)
Released/updated on: 1992-02-16
Geographic coverage: South America, Papua New Guinea, Cambodia, Paraguay, Kazakhstan, Syria, Solomon Islands, Bahamas, Gibralter, Montserrat, Mali, Marshall Islands, Panama, Guadeloupe, Laos, Argentina, Falkland Islands, Africa, Seychelles, Zambia, Belize, Bahrain, Guinea-Bissau, Namibia, Finland, Comoros, Faroe Islands, Netherlands Antilles, Yemen, Eritrea, China (Peoples Republic), Madagascar, Aruba, Ivory Coast, Libya, Sweden, Malawi, Poland, Jordan, Bulgaria, Tunisia, United Arab Emirates, Tuvalu, Kenya, French Polynesia, Lebanon, Djibouti, Brunei, Azerbaijan, Cuba, Czech Republic, Mauritania, Saint Lucia, Israel, San Marino, Australia, Soviet Union, Tajikistan, Myanmar, Cameroon, Cyprus, Bermuda Islands, Malaysia, North America, Iceland, Global, Oman, Armenia, Gabon, Yugoslavia, Luxembourg, Brazil, Algeria, Slovenia, Antigua and Barbuda, Ecuador, Colombia, Moldova, Vanuatu, Italy, Honduras, Micronesia (Federated States), Nauru, Haiti, Afghanistan, Burundi, Singapore, French Guiana, Korea (North), American Samoa, Russia, Netherlands, Martinique, Kyrgyzstan, Reunion, Bhutan, Romania, Togo, Philippines, Uzbekistan, Asia, British Virgin Islands, Zimbabwe, Pacific Ocean, Indonesia, Dominica, Benin, Angola, Sudan, East Timor, Portugal, New Caledonia, Grenada, Greece, Cayman Islands, Mongolia, Latvia, Morocco, Iran, Bosnia-Hercegovina, Guatemala, Guyana, Iraq, Chile, Nepal, Georgia (Republic), Ukraine, Tanzania, Ghana, Anguilla, India, Canada, Maldives, Turkey, Belgium, South Africa, Trinidad and Tobago, Central African Republic, Jamaica, Peru, Turkmenistan, Germany, Vietnam (Socialist Republic), Fiji, Hong Kong, United States, Guinea, Chad, Somalia, Thailand, Equatorial Guinea, Kiribati, Costa Rica, Pitcairn Island, Kuwait, Nigeria, Croatia, Sao Tome And Principe, Uruguay, Sri Lanka, Cook Islands, United Kingdom, Switzerland, Samoa, Spain, Palestine, Liberia, Venezuela, Burkina Faso, Congo (Democratic Republic), Swaziland, Palau, Estonia, Gaza Strip, Wallis and Futuna, Austria, Mozambique, Korea (South), El Salvador, Guam, Lesotho, Tonga, Hungary, Japan, Europe, Belarus, Mauritius, Albania, New Zealand, Senegal, Macedonia, Ethiopia, Egypt, Sierra Leone, Bolivia, Malta, Wake Island, Saudi Arabia, Cape Verde, Pakistan, Gambia, Ireland, Qatar, Slovakia, France, Lithuania, Saint Kitts-Nevis, Niger, Rwanda, Bangladesh, Nicaragua, Barbados, Norway, Botswana, Saint Vincent and the Grenadines, Macao, Denmark, Dominican Republic, Mexico, Uganda, Suriname, Saint Helena, Greenland
Time period: 1965-01-01--1998-12-31
These time series data provide information on the balance of payments among countries and geographical areas of the world. Detailed tabulations included in this collection describe (1) transactions in goods, services, and income between an economy and the rest of the world, (2) changes of ownership and other changes in that country's monetary gold, special drawing rights (SDRs), and claims and liabilities to the rest of the world, and (3) unrequited transfers and counterpart entries that are needed to balance, in the accounting sense, any entries for previous transactions and changes that are not mutually offsetting. Aggregated and detailed presentations show data for items such as investments, short- and long-term capital, reserves, and changes in reserves.
Curated
International Financial Statistics (ICPSR 7629)
Released/updated on: 1992-02-16
Geographic coverage: South America, Papua New Guinea, Cambodia, Paraguay, Kazakhstan, Syria, Solomon Islands, Bahamas, Gibralter, Montserrat, Mali, Marshall Islands, Panama, Guadeloupe, Laos, Argentina, Falkland Islands, Africa, Seychelles, Zambia, Belize, Bahrain, Guinea-Bissau, Namibia, Finland, Comoros, Faroe Islands, Netherlands Antilles, Yemen, Eritrea, China (Peoples Republic), Madagascar, Aruba, Ivory Coast, Libya, Sweden, Malawi, Poland, Jordan, Bulgaria, Tunisia, United Arab Emirates, Tuvalu, Kenya, French Polynesia, Lebanon, Djibouti, Brunei, Azerbaijan, Cuba, Czech Republic, Mauritania, Saint Lucia, Israel, San Marino, Australia, Soviet Union, Tajikistan, Myanmar, Cameroon, Cyprus, Bermuda Islands, Malaysia, North America, Iceland, Global, Oman, Armenia, Gabon, Yugoslavia, Luxembourg, Brazil, Algeria, Slovenia, Antigua and Barbuda, Ecuador, Colombia, Moldova, Vanuatu, Italy, Honduras, Micronesia (Federated States), Nauru, Haiti, Afghanistan, Burundi, Singapore, French Guiana, Korea (North), American Samoa, Russia, Netherlands, Martinique, Kyrgyzstan, Reunion, Bhutan, Romania, Togo, Philippines, Uzbekistan, Asia, British Virgin Islands, Zimbabwe, Pacific Ocean, Indonesia, Dominica, Benin, Angola, Sudan, East Timor, Portugal, New Caledonia, Grenada, Greece, Cayman Islands, Mongolia, Latvia, Morocco, Iran, Bosnia-Hercegovina, Guatemala, Guyana, Iraq, Chile, Nepal, Georgia (Republic), Ukraine, Tanzania, Ghana, Anguilla, India, Canada, Maldives, Turkey, Belgium, South Africa, Trinidad and Tobago, Central African Republic, Jamaica, Peru, Turkmenistan, Germany, Vietnam (Socialist Republic), Fiji, Hong Kong, United States, Guinea, Chad, Somalia, Thailand, Equatorial Guinea, Kiribati, Costa Rica, Pitcairn Island, Kuwait, Nigeria, Croatia, Sao Tome And Principe, Uruguay, Sri Lanka, Cook Islands, United Kingdom, Switzerland, Samoa, Spain, Palestine, Liberia, Venezuela, Burkina Faso, Congo (Democratic Republic), Swaziland, Palau, Estonia, Gaza Strip, Wallis and Futuna, Austria, Mozambique, Korea (South), El Salvador, Guam, Lesotho, Tonga, Hungary, Japan, Europe, Belarus, Mauritius, Albania, New Zealand, Senegal, Macedonia, Ethiopia, Egypt, Sierra Leone, Bolivia, Malta, Wake Island, Saudi Arabia, Cape Verde, Pakistan, Gambia, Ireland, Qatar, Slovakia, France, Lithuania, Saint Kitts-Nevis, Niger, Rwanda, Bangladesh, Nicaragua, Barbados, Norway, Botswana, Saint Vincent and the Grenadines, Macao, Denmark, Dominican Republic, Mexico, Uganda, Suriname, Saint Helena, Greenland
Detailed tabulations of international and domestic finance data are presented in this data collection. These time series data summarize each country's balance of payments, with collateral data on major financial components such as trade and reserves, and data on exchange rates, international liquidity, money and banking, international transactions, prices, production, government finance, and interest rates. A subset of these data, containing annual data from 1948 to 1978, is available as well.