Search Results
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.
Speech
On the Optimal Supply of Reserves
Remarks at the New York Fed – Columbia SIPA Monetary Policy Implementation Workshop, Federal Reserve Bank of New York, New York City.
Speech
Money Market Conditions and the Federal Reserve’s Balance Sheet
Remarks at 2025 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.
Report
The Optimal Supply of Central Bank Reserves under Uncertainty
This paper provides an analytically tractable theoretical framework to study the optimal supply of central bank reserves when the demand for reserves is uncertain and nonlinear. We fully characterize the optimal supply of central bank reserves and associated market equilibrium. We find that the optimal supply of reserves under uncertainty is greater than that absent uncertainty. With a sufficient degree of uncertainty, it is optimal to supply a level of reserves that is abundant (on the flat portion of the demand curve). The model captures the empirical observation that the variability of ...