NY Fed paper compares tools for managing short-term market rates


The Federal Reserve's new overnight reverse repo facility "may provide a better floor on [market] rates" than the other tools at its disposal, according to researchers at the Federal Reserve Bank of New York.

In Federal Reserve Tools for Managing Rates and Reserves, Antoine Martin, James McAndrews, Ali Palida and David Skeie size up the different tools the Fed could use to establish and retain control over short-term interest rates.

These tools include the interest it pays on excess reserves, it

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