摘要：Central banking transparency is now a topic of great interest, but its impact on
the implementation of monetary policy has not been studied. This paper documents
that anticipated changes in the target federal funds rate complicate open market
operations. We provide theoretical and empirical evidence on the behavior of
banks and the Open Market Trading Desk. We find a significant shift in demand
for funds ahead of expected target rate changes and that the Desk only
incompletely accommodates this shift in demand. This anticipation effect,
however, does not materially affect other markets.
