Related Staff Analysis

Over the past several years, the Board’s staff has written a variety of notes and papers related to aspects of monetary policy normalization and the Federal Reserve’s balance sheet. The analysis and conclusions set forth in the notes and papers listed below are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors.

For information on the policy implementation framework and effects on interest rates, see

Monetary Policy 101: A Primer on the Fed's Changing Approach to Policy Implementation
The Federal Reserve's New Approach to Raising Interest Rates (short version)
How have the Fed's Three Rate Hikes Passed Through to Selected Short-term Interest Rates?
What Happened in Money Markets after the Fed's December 2015 Rate Increase?
Where do I see the Monetary Policy Normalization Tools on the Fed's Balance Sheet and Income Statement?

For information on the Federal Reserve's balance sheet, see

Principal Payments on the Federal Reserve's Securities Holdings
The Effect of the Federal Reserve's Securities Holdings on Longer-term Interest Rates
Confidence Interval Projections of the Federal Reserve's Balance Sheet and Income

For information on the overnight reverse repurchase (ON RRP) facility and operations, see

Modelling Overnight RRP Participation
Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
The Federal Reserve's Overnight and Term Reverse Repurchase Agreement Operations in the Financial Accounts of the United States

For information on the effects of large-scale asset purchases on the Federal Reserve's balance sheet, see

The Federal Reserve's Balance Sheet and Earnings: A primer and projections
Term Structure Modelling with Supply Factors and the Federal Reserve's Large Scale Asset Purchase Programs
Expectations about the Federal Reserve's Balance Sheet and the Term Structure of Interest Rates
The Effect of the Federal Reserve's Securities Holdings on Longer-term Interest Rates

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Last Update: June 16, 2017