Committee (FOMC) target range. We highlight two factors that may have contributed to these events. First, reserves may have … allocation of reserves across institutions, so that although aggregate reserves may have been higher than the sum of reserves … demanded by each institution, they were still scarce given the market's inability to allocate reserves efficiently. Second, we …

sheet and have thus raised the level of aggregate bank reserves as well. Over the same period there has been a significant … shift in the timing of payments made over the Federal Reserve's Fedwire Funds Service toward earlier settlement. This paper …

trap. The optimal combination of reserves and interest rate policy requires an increase in liquidity (reserves) a few …

reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline …