We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each "reserve maintenance period", when the...

Remarks at the New York Bankers Association Financial Services Forum, New York City.

Remarks at the Global Association of Risk Professionals 12th Annual Risk Management Convention, New York City.

Remarks at 2013 Resolution Conference: Planning for the Orderly Resolution of a Global Systemically Important Bank, Washington, D.C.

Remarks at the Institute of International Bankers' Seminar on Risk Management and Regulatory/Examinations Compliance Issues.

Remarks at the Global Economic Policy Forum, New York City.

Remarks at the Committee on International Monetary Law of the International Law Association Meeting, Madrid, Spain.

The Eurosystem and the U.S. Federal Reserve System follow quite different approaches to the execution of monetary policy. The former institution adopts a "hands-off" approach that largely delegates to depository institutions the task of stabilizing their own liquidity at high frequency. The...