Central Banking

What Quantity of Reserves Is Sufficient?
What quantity of reserves should the Fed supply to support effective monetary policy implementation and an efficient interbank payment system? To answer this question, I construct a model linking …
Yilin (David) Yang
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What Quantity of Reserves Is Sufficient?
Reserves were not so ample after all
We show that the likelihood of a liquidity crunch in wholesale US dollar funding markets is highly dependent on levels of reserve balances at the financial institutions that are the most active …
Adam Copeland, Darrell Duffie, Yilin (David) Yang
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Reserves were not so ample after all