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Base Money and the Birth and Use of Credit Money
The complexity of credit markets creates difficulty for teaching monetary theory purely through reference to observed data. An appropriate framing should follow the evolution of money and credit.
June 25, 2018
How Does the Fed Influence the Federal Funds Rate in a Floor System?
The Fed must abandon its traditional policy lever — open-market operations — in favor of managing the interest it pays on reserves if it is to hit its FFR target while operating in a floor system.
How Does the Fed Influence the Federal Funds Rate in a Corridor System?
The Fed has a lot of policy tools, to be sure. But, traditionally — that is, when the Fed was operating in a corridor system — it exerted influence on the FFR primarily through its open-market operations.
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