In a large bowl, cream butter and sugar; add egg yolks and mix well.
Add flour, one cup at a time; mix well.
Chill dough for several hours or overnight.
Preheat oven to 350°F.
Shape dough into 1 inch balls; place on ungreased cookie sheets.
Make indentation in the middle of each cookie; place 1/4 teaspoon jam on half of the cookies and a maraschino cherry on the remaining half.
Bake at 350°F for 12 to 15 minutes or until lightly browned.
Cool slightly; dust with powdered sugar. Cool completely on wire cooling racks. Store in airtight containers.