The Over‐the‐Counter Theory of the Fed Funds Market: A Primer
构建了一个动态场外交易模型，分析联邦基金利率、贷款交易量及银行准备金余额日内分布的决定因素，并探讨市场结构变化及央行政策工具的影响。
We present a dynamic over‐the‐counter model of the fed funds market and use it to study the determination of the fed funds rate, the volume of loans traded, and the intraday evolution of the distribution of reserve balances across banks. We also investigate the implications of changes in the market structure, as well as the effects of central bank policy instruments such as open market operations, the discount window lending rate, and the interest rate on bank reserves.