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Report
Scarce, Abundant, or Ample? A Time-Varying Model of the Reserve Demand Curve
What level of central bank reserves satiates banks’ demand for liquidity? We provide a model of the reserve demand curve in the United States and estimate it at daily frequency over 2010-21 using an instrumental-variable approach combined with a time-varying vector autoregressive model. This paper makes a methodological contribution in providing an approach that can address the three main issues affecting the estimation of the reserve demand curve: nonlinearity, time variation due to slow-moving structural changes, and endogeneity. We have three main empirical findings. First, as predicted ...
Speech
Observations on implementing monetary policy in an ample-reserves regime: remarks before the Money Marketeers of New York University, New York City
Remarks before the Money Marketeers of New York University, New York City.