caa a22 4500 386309124 CHVBK 20180307111539.0 cr unu---uuuuu 161130e198812 xx s 000 0 eng 10.2307/2331079 doi S0022109000013235 pii (NATIONALLICENCE)cambridge-10.2307/2331079 The Micromechanics of the Federal Funds Market: Implications for Day-of-the-Week Effects in Funds Rate Variability [Elektronische Daten] The federal funds rate arguably is the most important interest rate in the U.S. capital market because it plays a central role in monetary policy and the term structure. This paper examines the micromechanics of the funds market. We show that in a continuous market with asynchronous trading, regulatory constraints and accounting conventions that focus agents' attention on discrete time instants have important implications for the dynamics of trading activity and realized market prices. We also exhibit a model of the market that explains observed regularities in the intertemporal behavior of the funds rate. Copyright © School of Business Administration, University of Washington 1988 Spindt Paul A. Hoffmeister J. Ronald Journal of Financial and Quantitative Analysis Cambridge University Press 23/4(1988-12), 401-416 0022-1090 23:4<401 1988 23 JFQ https://doi.org/10.2307/2331079 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2331079 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Spindt Paul A. NATIONALLICENCE 700 1- Hoffmeister J. Ronald NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 23/4(1988-12), 401-416 0022-1090 23:4<401 1988 23 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge