Trade Dynamics in the Market for Federal Funds
构建了一个联邦基金市场的搜索模型，分析了交易时段内利率如何随准备金不足惩罚、借款人议价能力及借贷双方数量变化而变动，并研究了利率在交易日内的走势规律。
We develop a search model of the federal funds market and show that, at each point along the trading session, rates are increasing in the penalty for reserve deficiencies, decreasing in the borrower's bargaining power, and when there are more (less) lenders than borrowers, also decreasing (increasing) in the frequency of meetings. We also study the conditions that shape the time path of the fed funds rate throughout a trading session, and identify the factors that can cause rates to rise or to fall with the time remaining until the end of the trading day.