Search Results
Speech
Money Markets and the Federal Funds Rate: The Path Forward
Remarks at the MFA Outlook 2019, New York City.
Working Paper
The Dynamics of Ample Reserves
How monetary policy is implemented can have significant implications for the dynamics of the central bank’s balance sheet. If liquid deposits increase the demand for reserves (Lopez-Salido and Vissing-Jorgensen 2025), then the “ample” level of reserves needed to close the spread between the policy rate and interest on reserves is itself a function of liquid deposits. The supply of reserves will continue to normalize after first reaching ample levels and until liquid deposits return to trend as well. Furthermore, if the supply of reserves encourages deposit creation (Acharya et al. ...
Speech
Monetary Policy Implementation in an Ample Reserves Regime
Remarks at the Fixed Income Analysts Society, Inc., Women in Fixed Income Conference, Federal Reserve Bank of New York, New York City.
Discussion Paper
Tracking Reserve Ampleness in Real Time Using Reserve Demand Elasticity
As central banks shrink their balance sheets to restore price stability and phase out expansionary programs, gauging the ampleness of reserves has become a central topic to policymakers and academics alike. The reason is that the ampleness of reserves informs when to slow and then stop quantitative tightening (QT). The Federal Reserve, for example, implements monetary policy in a regime of ample reserves, whereby the quantity of reserves in the banking system needs to be large enough such that everyday changes in reserves do not cause large variations in short-term rates. The goal is ...
Speech
Balance Sheet Reduction and Ample Reserves
Remarks at the 2025 Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.
Speech
Reflections on the Early Days of Reserve Management Purchases and the Maintenance of Ample Reserves
Remarks before the Money Marketeers of New York University, New York City.
Speech
The Evolution of the Federal Reserve’s Monetary Policy Implementation Framework
Remarks at the New York Fed – Columbia SIPA Monetary Policy Implementation Workshop, Federal Reserve Bank of New York, New York City.
Working Paper
Monetary Policy Implementation with Ample Reserves
We offer a parsimonious model of the reserve demand to study the tradeoffs associated with various monetary policy implementation frameworks. Prior to the 2007–09 financial crisis, many central banks supplied scarce reserves to execute their interest-rate policies. In response to the crisis, central banks undertook quantitative-easing policies that greatly expanded their balance sheets and, by extension, the amount of reserves they supplied. When the crisis and its aftereffects passed, central banks were in a position to choose a framework that has reserves that are (1) abundant—by ...
Newsletter
The Fed’s Balance Sheet and Ample Reserves
Learn how the Federal Reserve uses its balance sheet in a sustainable ample-reserves regime.
Speech
Supplying Ample Reserves
Remarks at 2026 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.