; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Trade Dynamics in the Market for Federal Funds"; ; "batchuser@example.com"; "Lagos, Ricardo", "Afonso, Gara"; "Federal Reserve Bank of Minneapolis"; "Fed funds market", "Over-the-counter market", "Bargaining", "Search"; "D83 - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness", "E44 - Financial Markets and the Macroeconomy", "C78 - Bargaining Theory; Matching Theory", "G10 - General Financial Markets: General (includes Measurement and Data)"; "We develop a model of the market for federal funds that explicitly accounts for its two distinctive features: banks have to search for a suitable counterparty, and once they meet, both parties negotiate the size of the loan and the repayment. The theory is used to answer a number of positive and normative questions: What are the determinants of the fed funds rate? How does the market reallocate funds? Is the market able to achieve an efficient reallocation of funds? We also use the model for theoretical and quantitative analyses of policy issues facing modern central banks. "^^; "2014-03-27"; "2019-05-20T18:37:13.606552984+00:00"^^; "https://doi.org/10.21034/wp.710"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Oct 23 17:46:15 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "438", "3"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "710"; "Over-the-counter market", "Fed funds market", "Bargaining", "Search"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .