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 …

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

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

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

, could complement the use of the interest on excess reserves (IOER) and help control short-term interest rates. We examine …