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Newsletter
Teaching the Linkage Between Banks and the Fed: R.I.P. Money Multiplier
The money multiplier has been a standard concept in introductory economics classes for decades, but changes in the way the Fed implements monetary policy has made the model obsolete. This issue provides information about the linkages between the Fed and the banking system and provides teaching suggestions.
Briefing
Fed Balance Sheet Normalization and the Minimum Level of Ample Reserves
The normalization process of the Fed's balance sheet is ongoing. Current plans for monetary policy implementation interact with this process. In particular, normalization is aimed at ultimately providing a minimum level of "ample" reserves. The timing for when that level of reserves will be reached depends on multiple factors. Based on assumptions reflecting current expectations of the evolution of those factors in the medium term, normalization will be completed by late 2025 or early 2026.
Speech
Money Market Developments: Views from the Desk
Remarks at the Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.