excess reserves, fed, fed balance sheet, repos, bank reserves

"The FOMC should forget about r* for the moment and focus on … the supermassive black hole at the center of global dollar funding markets."–Zoltan Poszar, 21 August, 2019. A few weeks ago, as part of its effort to prevent overnight rates from rising above the Fed's…

excess reserves, liquidity coverage ratio, required reserves, reserve ratio, reserve-deposit ratio

In my last post in this series, I observed that an economy's "base" money serves as the "raw material" that commercial banks and other private-market financial intermediaries employ in "producing" deposits of various kinds that can themselves serve as means of exchange. If they could do so…