The Federal Reserve's Tools for Policy Normalization in a Preferred Habitat Model of Financial Markets
开发了一个模型分析美联储在超额准备金充裕时如何利用多种工具（如超额准备金利息、隔夜逆回购、定期存款）来提升短期利率，并用2015年12月加息数据验证了各工具的效果。
We develop a model to analyze monetary policy implementation with multiple Federal Reserve liabilities and superabundant reserves. The analysis demonstrates the Federal Reserve's tools including interest on excess reserves (IOER), overnight reverse repurchase agreements (ON RRP), and term deposits should allow the Federal Reserve to raise the short‐term interest rates to any desired level. We find the contribution of each the increase in the IOER and ON RRP offering rates in firming money market rates suggested by the data during the December 2015 policy tightening event is remarkably similar to the effect of each tool implied by the calibrated model.