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

modified Friedman (1969) rules the optimal monetary policy. Optimal interest rates on reserves and CBDC differ. A calibration …

Central banks hold gold reserves that are designed to build confidence in fiat currency. This confidence is undermined … control falling gold prices but the inability to control rising gold prices due to the limited gold reserves. The analysis …

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 …