Ennis, Huberto M.; Wolman, Alexander L. - In: International Journal of Central Banking 11 (2015) 1, pp. 251-289
Bank reserves in the United States increased dramatically at the end of 2008. Subsequent asset purchase programs in 2009 and 2011 more than doubled the quantity of reserves outstanding. We study the cross-sectional distribution of reserves in that period, and the relationship between holdings of...