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Topic: Open market operation

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Monetary Policy

Floating currency

Federal funds rate

Floating rate

Contractionary monetary policy

Federal funds

Discount rate

Federal funds

Repurchase and Reverse Repurchase Transactions

Money supply

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Wall Street Journal prime rate

LIBOR

History of the Federal Reserve

	Economic Issues No. 5--Transformations to Open Market Operations
		Open market operations are the major instrument of monetary control in industrial countries and are becoming important to developing countries and economies in transition.
		Open market operations allow central banks great flexibility in the timing and volume of monetary operations at their own initiative, encourage an impersonal, businesslike relationship with participants in the marketplace, and provide a means of avoiding the inefficiencies of direct controls.
		Open market operations in which special securities are issued for purposes of monetary policy are of most practical use when excess liquidity is flooding the banking system.
	www.imf.org /external/pubs/ft/issues5/index.htm (5465 words)

	Open Market Operation - Fedpoints - Federal Reserve Bank of New York
		Open market operations are one of three basic tools used by the Federal Reserve to reach its monetary policy objectives.
		Open market operations allow the Federal Reserve to adjust directly the supply of nonborrowed reserves in the banking system.
		Banks borrow reserves in the federal funds market in order to meet reserve requirements set by the Federal Reserve, and to ensure adequate balances in their accounts at the Fed to cover checks and electronic payments that the Fed processes on their behalf.
	www.ny.frb.org /aboutthefed/fedpoint/fed32.html (1079 words)

	International Economics Glossary: O
		A market structure in which there are a small number of sellers, at least some of whose individual decisions about price or quantity matter to the others.
		The extent to which an economy is open to trade, and sometimes also to inflows and outflows of international investment.
		The situation of a currency whose value on the exchange market is higher than is believed to be sustainable.
	www-personal.umich.edu /~alandear/glossary/o.html (1549 words)

	CBOT - Glossary
		Market indicators showing the general direction of the economy and confirming or denying the trend implied by the leading indicators.
		The crop marketing year varies slightly with each ag commodity, but it tends to begin at harvest and end before the next year's harvest, e.g., the marketing year for soybeans begins September 1 and ends August 31.
		Each open transaction has a buyer and a seller, but for calculation of open interest, only one side of the contract is counted.
	www.cbot.com /cbot/pub/page/0,3181,1059,00.html (8405 words)

	Basic information: Open Market Operations (D3)
		The Open Market Operation (OMO) is used to manage the level of liquidity in the New Zealand financial system.
		Operations are conducted as tenders and registered bidders telephone their bids to the RBNZ.
		Operations may involve the use of reverse repo, repo, purchase of Government bonds or the sale of Treasury bills.
	www.rbnz.govt.nz /statistics/govfin/D3/notes.html (351 words)

	FRB: Monetary Policy, Open Market Operations
		Open market operations--purchases and sales of U.S. Treasury and federal agency securities--are the Federal Reserve's principal tool for implementing monetary policy.
		The short-term objective for open market operations is specified by the Federal Open Market Committee (FOMC).
		During the 1980s, the focus gradually shifted toward attaining a specified level of the federal funds rate, a process that was largely complete by the end of the decade.
	www.federalreserve.gov /fomc/fundsrate.htm (203 words)

	#1 Loans USA- what about Open Market Operations
		Open market operation is how the Federal Reserve implements their monetary policy.
		It is the Federal Open Market Committee that sets the objectives for the operations.
		It is at the trading desk that the open market operations are taken care of.
	www.1loansusa.com /fed/marketoperations.html (358 words)

	Eco 340, chapter 17 lecture notes
		In OMO, the Fed buys or sells bonds, usually from the banks, in order to affect the level of bank reserves and the federal funds rate (the interest rate at which commercial banks loan each other reserves, on an overnight basis).
		OMO directly influences the FEDERAL FUNDS MARKET (the market where banks loan their excess reserves to each other, usually on an overnight basis), by affecting the supply of bank reserves.
		The federal funds rate, which is the interest rate that banks charge each other on loans of reserves, is the equilibrium interest rate in the federal funds market, so it is determined by the intersection of the supply and demand curves for reserves.
	www.oswego.edu /~dighe/340ch17.htm (1205 words)

	Operation Market Garden - Wikipedia, the free encyclopedia
		The operation was initially successful with the capture of the Waal bridge at Nijmegen on 20 September, but was a failure overall as the final Rhine bridge at Arnhem was never taken, and the British 1st Airborne Division was destroyed in the ensuing combat.
		Market would be the largest airborne operation in history, delivering over 34,876 men of the 101st, 82nd, 1st and the Polish Brigade.
		It is also possible that repeated operational stand-tos and cancellations (over a dozen drops were planned and then cancelled in the weeks prior to the operation) had led to sloppy battery charging procedures and lax supervision of this task.
	en.wikipedia.org /wiki/Operation_Market_Garden (9800 words)

	Center for Problem-Oriented Policing
		Because open-air drug markets vary in terms of size, drug type and clientele, it is important to understand the conditions of each particular market to best focus your response strategies.
		Displacement takes place when action against a drug market causes market participants to alter their patterns of behavior, whether by moving from one place to another, changing their times of operation, changing their mode of operation or replacing drug dealing with other forms of criminal activity.
		The effects of displacement are difficult to measure—especially in cases where the market is dispersed over a large area.
	www.popcenter.org /Problems/problem-drug_open_markets_p2.htm (1320 words)

	Open market operation - Wikipedia, the free encyclopedia
		Both the US Federal Reserve and the ECB use variations of interest rate targets to guide open market operations.
		The US Federal Reserve's policy setting committee, the FOMC (Federal Open Market Committee) and its members, regularly publicly state a desired target range for inflation (usually around 1.5-2%), but do not have an explicit inflation target.
		However, an inflation target would be too stubborn and inflexible for an economy during a national shock (9/11, Hurricane Katrina), thus the Fed continues with its inflation controlling goals, without the strict rules of an explicit target.
	en.wikipedia.org /wiki/Open_market_operation (999 words)

	Economist's View: Will the Fed Abandon Open Market Operations?
		Controlling the federal funds rate does not require the use of open market operations or any reference at all to a monetary aggregate.
		Each morning, the desired change in the federal funds rate is determined by the Fed and then the open market operation needed to move as close as possible to the target is implemented.
		In fact, recent changes in the Fed’s operating procedure where the discount rate caps the federal fund rate have already put part of this procedure into place (currently the discount rate is equal to the target federal funds rate plus 1%.
	economistsview.typepad.com /economistsview/2005/04/_will_the_fed_a.html (642 words)

	The NASDAQ Stock Market, Inc. - Glossary (S)
		This market anomaly is a factor used to explain superior returns in the Three Factor Model, created by Gene Fama and Kenneth French.
		A market order on the NYSE that is stopped from being executed by the specialist because of a request from a member firm to obtain a better price than that available.
		An operating lease that is structured in a way so that it is not recorded as a liability on the balance sheet.
	ir.nasdaq.com /glossary.cfm?FirstLetter=s (9292 words)

	The Daily Star Web Edition Vol. 5 Num 492 (Site not responding. Last check: 2007-11-04)
		The meeting increased the maximum limit of a buyer for the four essentials sold at open markets, fixing the maximum quantity of sugar to five kgs from the previous two kgs, and onion, pulse and gram to two kgs from the previous one kg.
		Due to limitations of TCB, the government had engaged the anasr and VDP personnel in the open market operation of the TCB from October 7 and will now incorporate more of them in the activity.
		The TCB recently imported 300 tonnes of lentil and 200 tonnes of onion, while the procedure to import 100 tonnes of gram is currently underway.
	www.thedailystar.net /2005/10/13/d5101301108.htm (305 words)

	MONETARY POLICY (Site not responding. Last check: 2007-11-04)
		Open Market Operation: The Fed can affect the money supply by buying or selling U.S. government securities, using open market operations.
		When the economy is in an inflationary gap, the Fed will adopt a contractionary monetary policy to decrease the money supply in the market by selling securities, raising the reserve rate, and/or increasing the discount rate.
		When the economy is in recessionary gap, the Fed will adopt expansionary monetary policy to increase money supply in the market by buying securities, lowering the reserve rate, and/or decreasing the discount rate.
	staffwww.fullcoll.edu /fchan/macro/4monetary_policy.htm (242 words)

	open interest definition - Dictionary - MSN Encarta
		open interest definition - Dictionary - MSN Encarta
		Search for "open interest" in all of MSN Encarta
		derivative contracts not settled: the total number of derivative contracts traded in the market that have not yet been liquidated either by an offsetting derivative transaction or by a delivery
	encarta.msn.com /dictionary_561539100/open_interest.html (93 words)

	ActionLineUpdate: A weekly update of legal, regulatory and market practice issues - Oct. 7, 2002 (Site not responding. Last check: 2007-11-04)
		ESF Market Standards and Practices Subcommittee Meeting: The next meeting of the ESF Market Standards and Practices Subcommittee is scheduled for 16:00 (London time) on 29.
		The primary purpose of the meeting is to address a number of substantive market practice issues arising since the last meeting in late August.
		Meeting of the Money Market Instruments (MMI) Working Group: A meeting of the MMI Working Group, which is jointly sponsored by the Association and the Depository Trust Company, has been scheduled for Wednesday, October 16 at 9:00 a.m.
	www.bondmarkets.com /r-updates/2002/100702.shtml (1597 words)

	Open Market Operation - Federal Reserve Bank of New York
		Open Market Operation - Federal Reserve Bank of New York
		Temporary open market operations involve repurchase and reverse repurchase agreements that are designed to temporarily add or drain reserves available to the banking system.
		Permanent open market operations involve the buying and selling of securities outright to permanently add or drain reserves available to the banking system.
	www.ny.frb.org /markets/openmarket_concepts.html (80 words)

	Judicial Excerpts: Page 1 (Site not responding. Last check: 2007-11-04)
		Thus, the private, “independent” nature of the FRS has a vitally important policy consequence: the inability or unwillingness of the national government’s constitutional Branches to supervise the System’s operations, whatever the effect of those operations on the nation’s economy.
		The appalling aspect of this situation is how not one of those three Branches—neither the Judiciary, nor Congress, nor the President—has ever shown the least inclination to face up to the constitutional and practical political and economic issues arising out of the Federal Reserve System’s “independence”, let alone to do anything about it.
		basis for the contention that it is a tort for a Federal Reserve Bank to sell its securities in the open market, to fix discount rates which are unreasonably high, or to refuse to discount eligible paper, even though its policy may be mistaken and its judgment bad.
	www.piecesofeight.us /jud1.html (269 words)

	The Relevance of Open Market Operations as a Monetary Policy Tool
		The role of open market operations - exchanges of different classes of government liabilities between the government and private sector - are considered in an oft-studied dynamic equilibrium model with money.
		Open market operation-financed changes in the money supply may have different consequences than lump-sum-transfer-financed money supply changes.
		This study confirms and extends Wallace's (1989) finding that open market operations need not be neutral even when lump-sum monetary transfers would be neutral when other model features are held constant.
	ideas.repec.org /p/pur/prukra/1093.html (237 words)

	Centre Market (Site not responding. Last check: 2007-11-04)
		Every other column innovatively acted as a downspout for the roof The building was constructed as an open market, but was enclosed in 1886.
		This market house has been in continuous operation since the mid-nineteenth century.
		The Lower Market House, built in 1890, is a Romanesque brick structure.
	www.centremarket.net (236 words)

	[No title] (Site not responding. Last check: 2007-11-04)
		E) 0.025 13) Open market operations intended to offset movements in noncontrollable factors (such as float) that affect reserves and the monetary base are called A) defensive open market operations.
		E) all of the above 15) If either Treasury deposits or foreign deposits at the Fed are predicted to temporarily rise, then a _____ open market _____ would be needed to offset the expected _____ in reserves and the monetary base.
		D) a tightening of money market conditions requiring open market purchases to inject reserves into the banking system.
	econ.bu.edu /MorenoBadia/EC342/EC342exams/EC342samplemidtermF100.doc (1446 words)

	PP Presentation (Site not responding. Last check: 2007-11-04)
		An Open Market Operation is the purchase or sale of government securities (i.e.
		An Open Market Purchase is the purchase of government securities via transactions in the open market.
		An Open Market Sale is the sale of government securities via transactions in the open market.
	www.humboldt.edu /~economic/econ104/fed/tsld020.htm (53 words)

	open market operation Definition
		The buying and selling of government securities by a central bank, such as the Federal Reserve Bank in the U.S., in order to control the money supply.
		Learn the basics about the Federal Reserve, The Federal Open Market Committee (FOMC), and how monetary policy is used to target interest rates to avoid inflation and slow economic growth.
		Find the latest market news and data as well as details about the most actively traded stocks.
	www.investorwords.com /3447/open_market_operations.html (184 words)

	Success Stories: Palm Harbor Marketing \| Open Lead Management
		Welcome to Open Leads, the new generation of web-based lead management applications from The OPEN Companies.
		When Palm Harbor Marketing, the corporate marketing arm of Palm Harbor homes in the state of Florida, needed an application to manage their online leads and home design inquiries, they turned to The OPEN Companies, and OPEN Leads.
		Custom webforms are now found throughout their entire Florida sales and marketing operation.
	www.openleads.com /success.html (413 words)

	operation - OneLook Dictionary Search
		Operation, operation : UltraLingua English Dictionary [home, info]
		Phrases that include operation: open market operation, amphibious operation, boolean operation, clandestine operation, covert operation, more...
		Words similar to operation: act, functioning, performance, procedure, process, surgery, cognitive operation, cognitive process, mathematical operation, mathematical process, surgical operation, surgical procedure, use, more...
	www.onelook.com /?w=operation (519 words)

	mbout4
		Open market purchase - Q increases - S curve shifts out and r declines.
		Open market operations effect financial markets in a few days or weeks
		The Fed alters availability of reserves — through interventions in open market (the secondary market for government securities) - so that the equilibrium Fed Funds rates stays very close to the target.
	pages.stern.nyu.edu /~pwachtel/mbout4.htm (2113 words)

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