02056cas a2200337 a 4500 AALejournalIMF004341 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451864670 1018-5941 BD-DhAAL BD-DhAAL Bartolini, Leonardo. Money Market Integration / Leonardo Bartolini, R. Spence Hilton, Alessandro Prati. Washington, D.C. : International Monetary Fund, 2006. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We use transaction-level data and detailed modeling of the high-frequency behavior of federal funds and Eurodollar yield spreads to provide evidence of strong integration between the federal funds and Eurodollar markets, the two core components of the dollar money market. Our results contrast with previous evidence of segmentation of these two markets, showing them to be well integrated even at high intra-day frequency. We document several patterns in the behavior of federal funds and Eurodollar spreads, including liquidity effects from trading volume to yield spreads volatility. Our analysis supports the view that targeting federal funds rates alone is sufficient to stabilize rates in the, much larger, dollar money market as a whole. Mode of access: Internet Break imf Eurodollar Market imf Federal Funds imf Interest Rate imf WP imf United States imf Hilton, R. Spence. Prati, Alessandro. IMF Working Papers; Working Paper ; No. 2006/207 Full text available on IMF http://elibrary.imf.org/view/journals/001/2006/207/001.2006.issue-207-en.xml IMF e-Library