Discussion Paper
Bankers’ Banks and their Role in the Federal Funds Market
Anbil, Sriya; Anderson, Alyssa G.; Eyal, Benjamin (2026-01-30)
The Global Financial Crisis (GFC) and the Federal Reserve's (Fed) large-scale asset purchases fundamentally reshaped the U.S. monetary policy implementation framework. Before 2008, the Fed operated under a scarce-reserves regime, steering the federal funds rate through daily open market operations.
FEDS Notes , Paper 2026-01-30-1

Discussion Paper
A Decomposition of Balance Sheet Reduction
Eyal, Benjamin; Na, Dave; Skaperdas, Arsenios (2026-02-02)
Since the Global Financial Crisis, central banks have used the size and composition of their balance sheets to influence financial conditions and economic activity when policy rates are constrained by the effective lower bound. A common measure of the size of the Federal Reserve's balance sheet is the System Open Market Account (SOMA) securities holdings expressed as a share of nominal gross domestic product (NGDP).
FEDS Notes , Paper 2026-02-02