Dallas Fed paper argues federal funds rate transmission effectiveness waning
NEW YORK, Dec 16 (Reuters) - New research from the Federal Reserve Bank of Dallas is building the case for a change in the interest rate the central bank targets to achieve its monetary policy goals.In a paper, opens new tab released Tuesday, Sam Schulhofer-Wohl, who serves as senior advisor to Dallas Fed president Lorie Logan, says that the tri-party general collateral rate, or TGCR, works better as a tool of monetary policy transmission compared to the federal funds rate.