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

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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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