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Journal Article
Interest checking
Journal Article
Deregulation, money, and the economy
An examination of the behavior of bank deposit yields and a discussion of some implications for deposit variability and for the interpretation of money growth in the wake of deregulation and other changes in the financial industry in the early 1980s.
Journal Article
Interest on reserves and daylight credit
Journal Article
Should money be redefined?
Working Paper
Large excess reserves in the U.S.: a view from the cross-section of banks
Bank reserves in the United States increased dramatically at the end of 2008. Subsequent asset purchase programs in 2009 and 2011 more than doubled the quantity of reserves outstanding. These events required major adjustments in banks' balance sheets. We study the evolution of reserve holdings across banks from the fall of 2008 until the middle of 2011 and document how banks' balance sheets changed concurrently. Motivated by the potential implications for monetary policy of operating with a high level of reserves, we focus particular attention on those banks which accumulated large quantities ...
Journal Article
Checking-account interest
Journal Article
Interest sensitivity of MMDAs