; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "An Empirical Study of Trade Dynamics in the Fed Funds Market"; ; "batchuser@example.com"; "Lagos, Ricardo", "Afonso, Gara"; "Federal Reserve Bank of Minneapolis"; "Monetary policy", "Federal funds market", "Federal funds rates"; "G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages", "E44 - Financial Markets and the Macroeconomy", "E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems"; "We use minute-by-minute daily transaction-level payments data to document the cross-sectional and time-series behavior of the estimated prices and quantities negotiated by commercial banks in the fed funds market. We study the frequency and volume of trade, the size distribution of loans, the distribution of bilateral fed funds rates, and the intraday dynamics of the reserve balances held by commercial banks. We find evidence of the importance of the liquidity provision achieved by commercial banks that act as de facto intermediaries of fed funds. "^^; "2014-03-17"; "2019-05-20T18:38:43.951014596+00:00"^^; "https://doi.org/10.21034/wp.708"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Oct 23 17:46:20 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "438", "3"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "708"; "Monetary policy", "Federal funds market", "Federal funds rates"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .