Board of Governors of the Federal Reserve System

policy implications not just for the adoption of new methods such as instant...policy interest.1 This paper studies the determinants of payment method

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files

expectations in the first two weeks of May, perhaps reflecting post-tax...policy makers wanted bill rates-to rise. Currently, the 3-month Treasury

Policy, McDonough School, Georgetown University. ‡Corresponding author

message. • FAX: 202/452-3819 or 202/452-3102. • Mail: Jennifer J. Johnson...message and include your name and telephone number in the message. • Fax

Policy begins to tighten by the third quarter of 2011, and the funds rate...investing less desirable. We interpret this shock as one that reflects

expectations, as discussed below in paragraph (3). Indeed, bond yields...expectations, related to monetary unification, propelled bond rates more

Federal Reserve Release H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received 24No. Week Ending June

Federal Reserve Release H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received 24No. Week Ending June

policy records. In the earlier discussion,he had suggested the possibility...Policy Records 1/--namely, that the policy records should contain the