文章基本信息

标题：Pure Theory of the Federal Funds Rate
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作者：Stefan Homburg
期刊名称：Diskussionspapiere / Universität Hannover
印刷版ISSN：0949-9962
出版年度：2016
卷号：2016
出版社：Hannover
摘要：The effective federal funds rate is determined in acompetitive interbank market, while the target federalfunds rate represents a policy variable. This paper proposesa theory of the determination of the effective funds rate.According to the main result, the latter is a Lagrange multiplierthat vanishes if excess reserves emerge. This is exactlywhat happened in the United States in September 2008.In such a situation, paying interest on reserves does notchange bank incentives
关键词：Federal funds rate; term structure of interest;rates; excess reserves; money multiplier; zero lower bound