Research Staff and Resources

---

The Division of Monetary Affairs

Monetary Market Analysis

The Money Market Analysis section engages in the formulation and implementation of monetary policy, and undertakes current analysis and longer-term research on money markets, banking, and macroeconomic issues. The section has primary responsibility for issues and research related to the implementation of monetary policy. Each morning, staff members provide daily estimates of factors affecting reserve balances in the banking system and these forecasts in part determine the size of each day's open market operations. Staff members are also involved in a variety of longer-term projects related to the reserve market. Recent studies have focused on the effect the Federal Reserve has on the federal funds market, other analysis of the federal funds market using micro data from Fedwire, and models of the daily demand for excess reserves. In recent years, the section's research work has focused on the implementation of monetary policy, various aspects of payments systems, and general macroeconomic research.