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Discussion Paper
Foreign Banking Organizations in the United States and the Price of Dollar Liquidity
Du, Wenxin (2023-01-11)
Foreign banking organizations (FBOs) in the United States play an important role in setting the price of short-term dollar liquidity. In this post, based on remarks given at the 2022 Jackson Hole Economic Policy Symposium, we highlight FBOs’ activities in money markets and discuss how the availability of reserve balances affects these activities. Understanding the dynamics of FBOs’ business models and their balance sheet constraints helps us monitor the evolution of liquidity conditions during quantitative easing (QE) and tightening (QT) cycles.
Liberty Street Economics , Paper 20230111

Speech
Transcript of Lorie Logan on the Macro Musings Podcast
Logan, Lorie (2022-01-10)
A closer look at monetary policy operations, the Fed’s new Standing Repo Facility, and the future of the Fed’s balance sheet.
Speech

Briefing
Large Excess Reserves and the Relationship between Money and Prices
Ennis, Huberto M.; Sablik, Timothy (2019-02)
As a consequence of the Federal Reserve's response to the financial crisis of 2007?08 and the Great Recession, the supply of reserves in the U.S. banking system increased dramatically. Historically, over long horizons, money and prices have been closely tied together, but over the past decade, prices have risen only modestly while base money (reserves plus currency) has grown substantially. A macroeconomic model helps explain this behavior and suggests some potential limits to the Fed's ability to increase the size of its balance sheet indefinitely while remaining consistent with its ...
Richmond Fed Economic Brief , Issue February

Speech
Presentation by Dina Tavares Marchioni at the 2024 Crane Data Money Fund Symposium
Tavares Marchioni, Dina (2024-06-14)
Presentation on Balance Sheet Runoff and Money Market Monitoring delivered by Dina Tavares Marchioni, Director of Money Markets at the Federal Reserve Bank of New York on June 14, 2024.
Speech

Report
The payment system benefits of high reserve balances
Kroeger, Alexander; McAndrews, James J. (2016-06-01)
The policy measures taken since the financial crisis have greatly expanded the size of the Federal Reserve?s balance sheet and have thus raised the level of aggregate bank reserves as well. Over the same period there has been a significant shift in the timing of payments made over the Federal Reserve?s Fedwire Funds Service toward earlier settlement. This paper documents this timing change and presents regression results suggesting that the increase in overall reserve balances explains the vast majority of this development. The paper also discusses the benefits of high aggregate reserve ...
Staff Reports , Paper 779

Discussion Paper
With Abundant Reserves, Do Banks Adjust Reserve Balances to Accommodate Payment Flows?
Kraft, Kailey; Huang, Catherine; Copeland, Adam (2022-10-12)
As a result of the global financial crisis (GFC), the Federal Reserve switched from a regime of scarce reserves to one of abundant reserves. In this post, we explore how banks’ day-to-day management of reserve balances with respect to payment flows changed with this regime switch. We find that bank behavior did not change on average; under both regimes, banks increased their opening balances when they expected higher outgoing payments and, similarly, decreased these balances with expected higher incoming payments. There are substantial differences across banks, however. At the introduction ...
Liberty Street Economics , Paper 20221012

Discussion Paper
The Rapidly Changing Nature of Japan’s Public Debt
Wheeler, Harry; Klitgaard, Thomas (2016-06-22)
Japan’s general government debt-to-GDP ratio is the highest of advanced economies, due in part to increased spending on social services for an aging population and a level of nominal GDP that has not increased for two decades. The interest rate payments from taxpayers on this debt are moderated by income earned on government assets and by low interest rates. One might think that the Bank of Japan’s purchases of government bonds would further ease the burden on taxpayers, with interest payments to the Bank of Japan on its bond holdings rebated back to the government. Merging the balance ...
Liberty Street Economics , Paper 20160622

Speech
Balance Sheet Reduction: Progress to Date and a Look Ahead
Perli, Roberto (2024-05-08)
Remarks at 2024 Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.
Speech

Discussion Paper
Reserves and Where to Find Them
Afonso, Gara; Cipriani, Marco; Martinez, JC; Plosser, Matthew (2025-06-23)
Banks use central bank reserves for a multitude of purposes including making payments, managing intraday liquidity outflows, and meeting regulatory and internal liquidity requirements. Data on aggregate reserves for the U.S. banking system are readily accessible, but information on the holdings of individual banks is confidential. This makes it difficult to investigate important questions like: “Which types of banks hold reserves?” “How concentrated are they?” and “Does the distribution change over time or in response to significant events?” In this post, we summarize how ...
Liberty Street Economics , Paper 20250623

Discussion Paper
What If the U.S. Dollar's Global Role Changed?
Clark, Hunter L.; Goldberg, Linda S.; Choi, Mark (2011-10-03)
It isn’t surprising that the dollar is always in the news, given the prominence of the United States in the global economy and how often the dollar is used in transactions around the world (as discussed in a 2010 Current Issues article). But the dollar may not retain this dominance forever. In this post, we consider and catalog the implications for the United States of a potential lessening of the dollar’s primacy in international transactions. The circumstances surrounding such a possibility are important for the effects. As long as U.S. fundamentals remain strong, key consequences could ...
Liberty Street Economics , Paper 20111003

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