Estimating the Open Market Desk's Daily Reaction Function
利用美联储每日晨会信息，通过摩擦模型和多项逻辑回归分析公开市场操作台对操作数量和类型的选择，发现不同操作向市场传递不同政策信号，且近年操作越来越盯住联邦基金利率。
This paper presents the results of an empirical investigation into the proximate determinants of the Federal Reserve's daily open market operations. Using information available each morning at the Fed conference call, the author models the Open Market Desk's choice of both the quantity and the type of operation, using a friction model for the former and a multinomial logit framework for the latter. Different types of operations are shown to send different signals to the market about the underlying thrust of Fed policy and open market operations in recent years are shown to have become increasingly keyed to the federal funds rate. Copyright 1993 by Ohio State University Press.