{"id":{"repo_id":"gmu","oai_identifier":"oai:MARS:1920/12916"},"canonical_url":"https://search.dev.ndltd.org/etd/gmu/oai:MARS:1920/12916","repository":{"repo_id":"gmu","name":"George Mason University","base_url":"https://mars.gmu.edu/server/oai/request"},"display":{"title":"Three Essays on the Federal Funds Market","abstract":"Economist James D. Hamilton once wrote, “The federal funds market is a good place to start for an understanding of either finance or monetary policy.” In this dissertation, I do a deep dive into the federal funds market and explore how it has evolved since the Great Financial Crisis of 2007-2009 (GFC). Additionally, I investigate changes to Treasury cash management policies and analyze their impacts on taxpayers and the federal funds market. Finally, I advance the federal funds literature by updating Hamilton’s federal funds rate model in his 1997 AER paper with contemporary data, and then I create a new federal funds model to better explain the modern-day federal funds market. In chapter 1, I explore the various characteristics of the federal funds market by carefully defining what constitutes a federal funds trade, explaining how the federal funds rate is calculated, and describing the market participants. Then, I review how the federal funds market operated in the decades leading up to the GFC. I go on to explain how the federal funds market has drastically changed since the GFC and how it operates today. Finally, I describe the origins of the federal funds market and highlight some market dynamics in its first several decades. In chapter 2, I describe the Treasury’s cash management policies both before and after the GFC. This lays the groundwork for a more in-depth discussion where I examine taxpayer funding costs associated with Treasury cash management policies and potential monetary policy implications related to changes in the size of the Treasury General Account. In chapter 3, I advance the federal funds market literature by updating Hamilton’s 1997 federal funds rate model with data from 2018-2019 to show that the liquidity effect he described in his paper no longer exists in the selected time period. Then, I create a new model to reflect policy and market structure changes that have emerged in recent years.","abstract_html":"Economist James D. Hamilton once wrote, “The federal funds market is a good place to start for an understanding of either finance or monetary policy.” In this dissertation, I do a deep dive into the federal funds market and explore how it has evolved since the Great Financial Crisis of 2007-2009 (GFC). Additionally, I investigate changes to Treasury cash management policies and analyze their impacts on taxpayers and the federal funds market. Finally, I advance the federal funds literature by updating Hamilton’s federal funds rate model in his 1997 AER paper with contemporary data, and then I create a new federal funds model to better explain the modern-day federal funds market. In chapter 1, I explore the various characteristics of the federal funds market by carefully defining what constitutes a federal funds trade, explaining how the federal funds rate is calculated, and describing the market participants. Then, I review how the federal funds market operated in the decades leading up to the GFC. I go on to explain how the federal funds market has drastically changed since the GFC and how it operates today. Finally, I describe the origins of the federal funds market and highlight some market dynamics in its first several decades. In chapter 2, I describe the Treasury’s cash management policies both before and after the GFC. This lays the groundwork for a more in-depth discussion where I examine taxpayer funding costs associated with Treasury cash management policies and potential monetary policy implications related to changes in the size of the Treasury General Account. In chapter 3, I advance the federal funds market literature by updating Hamilton’s 1997 federal funds rate model with data from 2018-2019 to show that the liquidity effect he described in his paper no longer exists in the selected time period. Then, I create a new model to reflect policy and market structure changes that have emerged in recent years.","abstract_has_math":false,"creators":[],"institution":null,"degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2021,"date_issued":"2021","date_published":"2021","updated_at":"2026-07-27T19:51:48Z","subjects":[],"languages":[],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["hdl:1920/12916"],"render_values":[{"text":"hdl:1920/12916","href":null,"code":true}]}]},"links":{"outbound_url":null,"outbound_label":null,"outbound_source":null},"metadata_groups":[{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.issued","label":"Date","values":["2021"]},{"key":"dc:type","label":"Dc Type","values":["Dissertation"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["hdl:1920/12916"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.other","label":"Dc Description Other","values":["Economist James D. Hamilton once wrote, “The federal funds market is a good place to start for an understanding of either finance or monetary policy.” In this dissertation, I do a deep dive into the federal funds market and explore how it has evolved since the Great Financial Crisis of 2007-2009 (GFC). Additionally, I investigate changes to Treasury cash management policies and analyze their impacts on taxpayers and the federal funds market. Finally, I advance the federal funds literature by updating Hamilton’s federal funds rate model in his 1997 AER paper with contemporary data, and then I create a new federal funds model to better explain the modern-day federal funds market. In chapter 1, I explore the various characteristics of the federal funds market by carefully defining what constitutes a federal funds trade, explaining how the federal funds rate is calculated, and describing the market participants. Then, I review how the federal funds market operated in the decades leading up to the GFC. I go on to explain how the federal funds market has drastically changed since the GFC and how it operates today. Finally, I describe the origins of the federal funds market and highlight some market dynamics in its first several decades. In chapter 2, I describe the Treasury’s cash management policies both before and after the GFC. This lays the groundwork for a more in-depth discussion where I examine taxpayer funding costs associated with Treasury cash management policies and potential monetary policy implications related to changes in the size of the Treasury General Account. In chapter 3, I advance the federal funds market literature by updating Hamilton’s 1997 federal funds rate model with data from 2018-2019 to show that the liquidity effect he described in his paper no longer exists in the selected time period. Then, I create a new model to reflect policy and market structure changes that have emerged in recent years."]},{"key":"dc:title","label":"Title","values":["Three Essays on the Federal Funds Market"]}]}],"canonical_facts":{"dc:date.issued":["2021"],"dc:description.other":["Economist James D. Hamilton once wrote, “The federal funds market is a good place to start for an understanding of either finance or monetary policy.” In this dissertation, I do a deep dive into the federal funds market and explore how it has evolved since the Great Financial Crisis of 2007-2009 (GFC). Additionally, I investigate changes to Treasury cash management policies and analyze their impacts on taxpayers and the federal funds market. Finally, I advance the federal funds literature by updating Hamilton’s federal funds rate model in his 1997 AER paper with contemporary data, and then I create a new federal funds model to better explain the modern-day federal funds market. In chapter 1, I explore the various characteristics of the federal funds market by carefully defining what constitutes a federal funds trade, explaining how the federal funds rate is calculated, and describing the market participants. Then, I review how the federal funds market operated in the decades leading up to the GFC. I go on to explain how the federal funds market has drastically changed since the GFC and how it operates today. Finally, I describe the origins of the federal funds market and highlight some market dynamics in its first several decades. In chapter 2, I describe the Treasury’s cash management policies both before and after the GFC. This lays the groundwork for a more in-depth discussion where I examine taxpayer funding costs associated with Treasury cash management policies and potential monetary policy implications related to changes in the size of the Treasury General Account. In chapter 3, I advance the federal funds market literature by updating Hamilton’s 1997 federal funds rate model with data from 2018-2019 to show that the liquidity effect he described in his paper no longer exists in the selected time period. Then, I create a new model to reflect policy and market structure changes that have emerged in recent years."],"dc:identifier":["hdl:1920/12916"],"dc:title":["Three Essays on the Federal Funds Market"],"dc:type":["Dissertation"]},"updated_at":"2026-07-27T19:51:48Z"}