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Excess reserves and the new challenges for monetary policy

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Abstract

Interest on reserves allows the Federal Reserve to pursue an appropriate monetary policy even with a high level of excess reserves. However, a banking system flush with excess reserves can raise the risk of monetary policy getting behind the curve.

Suggested Citation

  • Huberto M. Ennis & Alexander L. Wolman, 2010. "Excess reserves and the new challenges for monetary policy," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue Mar.
    • Handle: RePEc:fip:fedreb:y:2010:i:mar:n:10-03
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    Cited by:

    1. Gara Afonso & Ricardo Lagos, 2015. "Trade Dynamics in the Market for Federal Funds," Econometrica, Econometric Society, vol. 83, pages 263-313, January.
    2. Kuang, Chun & Yang, Jiawen & Zhu, Wenyu, 2024. "Reserve holding and bank lending," Journal of Empirical Finance, Elsevier, vol. 77(C).
    3. Theodora Akweley Odonkor & Bright Addiyiah Osei & Bo Sjö, 2016. "Risk-taking, Ownership and Excess Reserves in the Ghanaian Banking System," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 15(2), pages 147-168, August.
    4. Huberto M. Ennis & Alexander L. Wolman, 2012. "Large excess reserves in the U.S.: a view from the cross-section of banks," Working Paper 12-05, Federal Reserve Bank of Richmond.

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    Keywords

    Inflation (Finance); Monetary policy;

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