for the massive accumulation of bank excess reserves in the Great Depression. Both factors are shown to be statistically … significant. Financial shocks did exert astatistically detectable influence on the demand for excess reserves but those shocks at … best can account for a step-like increase in the level of reserves held, an increase which was completed in less than a …

reserves targeting under Fed Chairman Paul Volcker from 1979-82. Finally, I discuss the relationship between the federal funds …

There has been substantial research on the benefits of accumulating foreign reserves, but less on the relative merits … of how these reserves are accumulated. In this paper we explore whether the form of accumulation affects country risk. We … way reserves are accumulated, a distinction that has important practical implications. In particular, our results call …

We study the interaction between optimal foreign reserves accumulation and central bank international liquidity … inefficiently low investment and consumption. A role then emerges for a central bank that accumulates reserves in order to provide … liquidity if financial frictions bind. The optimal level of international reserves in this context depends, among other …

the supply of banking system reserves, as in conventional economics textbooks; today this process involves little or no … implementation of monetary policy, and an assessment of the relationship between the quantity of reserves, appropriately defined, and … bank to lend or absorb reserves in response to differences between the policy interest rate and the corresponding target. A …