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Why are banks holding so many excess reserves?. (2009). McAndrews, James ; Keister, Todd.
In: Current Issues in Economics and Finance.
RePEc:fip:fednci:y:2009:i:dec:n:v.15no.8.

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References

References cited by this document

  1. 7 See Ennis and Weinberg (2007) for an analysis of the relationships between paying interest on reserves,the level of reserve balances,and the operation of the payments system. See Nield (2008) for a detailed discussion of the Reserve Bank of New Zealand’s operating framework. The dramatic buildup of excess reserves reflects the large scale of the Federal Reserve’s policy initiatives; it conveys no information about the effects of these initiatives on bank lending or on the level of economic activity.
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  2. Board of Governors of the Federal Reserve System.2008.“Board announces that it will begin to pay interest on depository institutions’required and excess reserve balances.”Press release,October 6.Available at <http://www .federalreserve.gov/newsevents/press/other/20081008a.htm>.
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  5. Dasgupta,Swapan.2009.“Comment on Luigi Zingales:Why Not Consider Maximum Reserve Ratios?”The Economists’Voice 6,no.4,Article 6.

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  8. Ennis,Huberto M.,and Todd Keister.2008.“Understanding Monetary Policy Implementation.”Federal Reserve Bank of Richmond Economic Quarterly 94, no.3 (summer): 235-63.

  9. Feldstein,Martin.2009.“Inflation Is Looming on America’s Horizon.”Financial Times,April 19.
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  15. The Federal Reserve’s Primary Dealer Credit Facility Tobias Adrian,Christopher R.Burke,and James J.McAndrews August 2009,Volume 15,Number 4 As liquidity conditions in the“repo market”—the market where broker-dealers obtain financing for their securities—deteriorated following the near-bankruptcy of Bear Stearns in March 2008, the Federal Reserve took the step of creating a special facility to provide overnight loans to dealers that have a trading relationship with the Federal Reserve Bank of NewYork.Six months later, in the wake of new strains in the repo market,the Fed expanded the facility by broadening the types of collateral accepted for loans.Both initiatives were designed to help restore the orderly functioning of the market and to prevent the spillover of distress to other financial firms.
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  16. The Federal Reserve’s Term Auction Facility Olivier Armantier,Sandra Krieger,and James J.McAndrews July 2008,Volume 14,Number 5 As liquidity conditions in the term funding markets grew increasingly strained in late 2007,the Federal Reserve began making funds available directly to banks through a new tool, the Term Auction Facility (TAF).The TAF provides term funding on a collateralized basis,at interest rates and amounts set by auction.The facility is designed to improve liquidity by making it easier for sound institutions to borrow when the markets are not operating efficiently. CURRENT ISSUES ARTICLES ON THE FEDERAL RESERVE’S LIQUIDITY PROGRAMS
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  17. The Term Securities Lending Facility: Origin, Design,and Effects Michael J.Fleming,Warren B.Hrung,and Frank M.Keane February 2009,Volume 15,Number 2 The Federal Reserve launched the Term Securities Lending Facility (TSLF) in 2008 to promote liquidity in the funding markets and improve the operation of the broader financial markets.The facility increases the ability of dealers to obtain cash in the private market by enabling them to pledge securities temporarily as collateral for Treasuries,which are relatively easy to finance.The TSLF thus reduces the need for dealers to sell assets into illiquid markets as well as lessens the likelihood of a loss of confidence among lenders.
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  18. We also discussed the importance of paying interest on reserves when the level of excess reserves is unusually high, 6 See Borio and Disyatat (2009) for an extensive discussion of this issue.
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  19. Woodford,Michael.2000.“Monetary Policy in aWorld without Money.” International Finance 3,no.2 (July): 229-60.
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  1. Systemically important banks - emerging risk and policy responses: An agent-based investigation. (2023). Roventini, Andrea ; Napoletano, Mauro ; Popoyan, Lilit.
    In: LEM Papers Series.
    RePEc:ssa:lemwps:2023/30.

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  2. Investigating Excess Reserve Accumulation and Credit Crunch in U.S. Commercial Banks Focusing on the Financial Crisis. (2023). Priyo, Asad.
    In: MPRA Paper.
    RePEc:pra:mprapa:117851.

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  3. Banks, Liquidity Management, and Monetary Policy. (2022). Bigio, Saki ; Bianchi, Javier.
    In: Econometrica.
    RePEc:wly:emetrp:v:90:y:2022:i:1:p:391-454.

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  4. Bank lending and interest on excess reserves: An empirical investigation. (2021). Hogan, Thomas.
    In: Journal of Macroeconomics.
    RePEc:eee:jmacro:v:69:y:2021:i:c:s0164070421000380.

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  5. Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks. (2020). Mahle, Nils.
    In: IMF Working Papers.
    RePEc:imf:imfwpa:2020/026.

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  6. Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market. (2020). Roventini, Andrea ; Napoletano, Mauro ; Popoyan, Lilit.
    In: Journal of Economic Dynamics and Control.
    RePEc:eee:dyncon:v:117:y:2020:i:c:s0165188920301056.

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  7. A Monetary Analysis of the Liquidity Trap with an Application to the USA. (2019). Andrade, Joo Sousa ; Pinto, Joo Braz.
    In: Contemporary Economics.
    RePEc:wyz:journl:id:590.

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  8. Winter is possibly not coming: Mitigating financial instability in an agent-based model with interbank market. (2019). Roventini, Andrea ; Napoletano, Mauro ; Popoyan, Lilit.
    In: LEM Papers Series.
    RePEc:ssa:lemwps:2019/11.

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  9. Winter is possibly not coming: mitigating financial instability in an agent-based model with interbank market. (2019). Roventini, Andrea ; Napoletano, Mauro ; Popoyan, Lilit.
    In: Sciences Po publications.
    RePEc:spo:wpmain:info:hdl:2441/1j4v8sl4fc9a49ankmnhv6bb6a.

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  10. Winter is possibly not coming : mitigating financial instability in an agent-based model with interbank market. (2019). Roventini, Andrea ; Napoletano, Mauro ; Popoyan, Lilit.
    In: Documents de Travail de l'OFCE.
    RePEc:fce:doctra:1914.

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  11. The impact of banks’ liquidity reserves on lending. (2018). Bressan, Silvia.
    In: Journal of Banking Regulation.
    RePEc:pal:jbkreg:v:19:y:2018:i:4:d:10.1057_s41261-018-0079-y.

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  12. Liquidity regulation and the implementation of monetary policy. (2017). Keister, Todd ; Bech, Morten.
    In: Journal of Monetary Economics.
    RePEc:eee:moneco:v:92:y:2017:i:c:p:64-77.

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  13. Interest on reserves, regime shifts, and bank behavior. (2017). VanHoose, David ; Dutkowsky, Donald ; van Hoose, David D.
    In: Journal of Economics and Business.
    RePEc:eee:jebusi:v:91:y:2017:i:c:p:1-15.

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  14. Excess reserves, monetary policy and financial volatility. (2017). Primus, Keyra.
    In: Journal of Banking & Finance.
    RePEc:eee:jbfina:v:74:y:2017:i:c:p:153-168.

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  15. The Federal Reserves Floor System: Immediate Gain for Remote Pain?. (2016). Mueller, Paul D ; Wojnilower, Joshua.
    In: Journal of Private Enterprise.
    RePEc:jpe:journl:1273.

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  16. A Monetary Analysis of the Liquidity Trap. (2015). Andrade, João ; Pinto, Joo Braz.
    In: GEMF Working Papers.
    RePEc:gmf:wpaper:2015-06..

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  17. A Monetary Analysis of the Liquidity Trap. (2015). Andrade, João ; Pinto, Joo Braz.
    In: GEMF Working Papers.
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  18. Excess reserves and economic activity. (2015). Kersting, Erasmus ; Dressler, Scott J..
    In: Journal of Economic Dynamics and Control.
    RePEc:eee:dyncon:v:52:y:2015:i:c:p:17-31.

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  19. Implicit intraday interest rate in the UK unsecured overnight money market. (2014). Jurgilas, Marius ; Ike, Filip.
    In: Journal of Financial Intermediation.
    RePEc:eee:jfinin:v:23:y:2014:i:2:p:232-254.

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  20. Excess Reserves and Economic Activity. (2013). Kersting, Erasmus ; Dressler, Scott.
    In: Villanova School of Business Department of Economics and Statistics Working Paper Series.
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  21. Excess Reserves, Monetary Policy and Financial Volatility. (2013). Primus, Keyra.
    In: MPRA Paper.
    RePEc:pra:mprapa:51670.

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  22. Excess Reserves, Monetary Policy and Financial Volatility. (2013). Primus, Keyra.
    In: Centre for Growth and Business Cycle Research Discussion Paper Series.
    RePEc:man:cgbcrp:183.

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  23. Liquidity: How Banks Create It and How It Should Be Regulated. (2013). , Christa.
    In: Working Papers.
    RePEc:ecl:upafin:13-32.

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  24. Liquidity regulation and the implementation of monetary policy. (2013). Keister, Todd ; Bech, Morten.
    In: BIS Working Papers.
    RePEc:bis:biswps:432.

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  25. The Great U.S. Liquidity Trap of 2009-11: Are We Stuck Pushing on Strings?. (2012). Pollin, Robert.
    In: Working Papers.
    RePEc:uma:periwp:wp284.

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  26. The Macroeconomic Effects of Interest on Reserves. (2012). Ireland, Peter.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:18409.

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  27. The great US liquidity trap of 2009€“2011: are we stuck pushing on strings?. (2012). Pollin, Robert.
    In: Review of Keynesian Economics.
    RePEc:elg:rokejn:v:0:y:2012:i:1:p55-76.

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  28. Implicit intraday interest rate in the UK unsecured overnight money market. (2012). Jurgilas, Marius ; Zikes, Filip.
    In: Bank of England working papers.
    RePEc:boe:boeewp:0447.

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  29. The Macroeconomic Effects on Interest on Reserves. (2011). Ireland, Peter.
    In: Boston College Working Papers in Economics.
    RePEc:boc:bocoec:772.

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  30. Monetary policy with interest on reserves. (2010). Hornstein, Andreas.
    In: Economic Quarterly.
    RePEc:fip:fedreq:y:2010:i:2q:p:153-177:n:v.96no.2.

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  31. Precautionary reserves and the interbank market. (2009). Skeie, David ; McAndrews, James ; Ashcraft, Adam.
    In: Staff Reports.
    RePEc:fip:fednsr:370.

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  32. Why are banks holding so many excess reserves?. (2009). McAndrews, James ; Keister, Todd.
    In: Current Issues in Economics and Finance.
    RePEc:fip:fednci:y:2009:i:dec:n:v.15no.8.

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  33. Why does overnight liquidity cost more than intraday liquidity?. (2009). Martin, Antoine ; Haslag, Joseph ; Bhattacharya, Joydeep.
    In: Journal of Economic Dynamics and Control.
    RePEc:eee:dyncon:v:33:y:2009:i:6:p:1236-1246.

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  34. Monetary Policy Implementation and the Federal Funds Rate. (2008). Nautz, Dieter ; Schmidt, Sandra.
    In: ZEW Discussion Papers.
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  35. Understanding monetary policy implementation. (2008). Keister, Todd ; Ennis, Huberto.
    In: Economic Quarterly.
    RePEc:fip:fedreq:y:2008:i:sum:p:235-263:n:v.94no.3.

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  36. Monetary policy implementation frameworks: a comparative analysis. (2008). Monnet, Cyril ; Martin, Antoine.
    In: Staff Reports.
    RePEc:fip:fednsr:313.

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  37. Divorcing money from monetary policy. (2008). McAndrews, James ; Martin, Antoine ; Keister, Todd.
    In: Economic Policy Review.
    RePEc:fip:fednep:y:2008:i:sep:p:41-56:n:v.14no.2.

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  38. Why Does Overnight Liquidity Cost More Than Intraday Liquidity?. (2007). Martin, Antoine ; Haslag, Joseph ; Bhattacharya, Joydeep.
    In: Staff General Research Papers Archive.
    RePEc:isu:genres:13096.

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  39. Why does overnight liquidity cost more than intraday liquidity?. (2007). Martin, Antoine ; Haslag, Joseph ; Bhattacharya, Joydeep.
    In: Staff Reports.
    RePEc:fip:fednsr:281.

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