Yilin (David) Yang
Yilin (David) Yang
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Central Banking
What Quantity of Reserves Is Sufficient?
What quantity of reserves should the Fed supply in order to support effective monetary policy implementation and an efficient interbank payment system? To answer this question, I construct a model …
Yilin (David) Yang
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WFA 2022 Brattle Group Ph.D. Candidate Awards For Outstanding Research
The BlackRock Applied Research Award 2021 (runner-up)
Reserves were not so ample after all
The Federal Reserve’s “balance-sheet normalization,” which reduced aggregate reserves between 2017 and September 2019, increased repo rate distortions, the severity of rate spikes, …
Adam Copeland
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Darrell Duffie
,
Yilin (David) Yang
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