Authors: John P. McGowan and Ed Nosal
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
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Economic Policy Review
How Did the Fed Funds Market Change When Excess Reserves Were Abundant?
Volume 26,, Number 1
March 2020
March 2020
JEL classification: E4, E5, G2
Prior to the 2007-2008 financial crisis, excess reserves in the U.S. banking system were scarce. After the financial crisis and up until early 2018, excess reserves were abundant. In this article, the authors document, analyze, and explain the differences in the performance of the federal funds market under the two different excess reserves frameworks.
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