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 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. The paper’s findings follow a recent speech by Logan, which argued that the Fed should shift toward targeting the TGCR over the federal funds rate, as it is a better barometer of real ... (full story)