control money market rates. An averaging provision reduces the use of standing facilities and interest rates volatility in all … in volatility and use of standing facilities disappear. The paper also compares two different liquidity supply policies …

continuous effects using a variable for DC volatility and high-frequency data. We find that, in contrast to variables for … volatility based on time-series data, our variable for DC volatility is sensitive to the effects of specific FOMC announcements … announcements on exchange rates. Moreover, our variable for DC volatility has the potential to be used for measuring the impact of …