Why Is the Effective Fed Funds Rate So Low?
Allen, Kyle D. and Griffiths, Mark D. and Hein, Scott E. and Winters, Drew B., Why Is the Effective Fed Funds Rate So Low? (April 16, 2014). Available at SSRN: http://ssrn.com/abstract=2425913 “Since December 18, 2008 when the Federal Reserve began paying 25 basis points (bps) on depository institution’s reserves, the effective federal funds rate has stayed …