Chang, Su-Hsin; Contessi, Silvio; Francis, Johanna L. - In: Journal of Economic Dynamics and Control 43 (2014) C, pp. 78-106
The level of aggregate excess reserves held by U.S. depository institutions increased significantly at the peak of the 2007–2009 financial crisis. Although the amount of aggregate reserves is determined almost entirely by the policy initiatives of the central bank that act on the asset side of...
