-to-reserve ratio is high, a small debt supply shock can generate a large spike in the equilibrium rate. Using data on repo transactions … collected from SEC filings, we find that the FICC's sponsored repo reform in Jan 2018 significantly increased the repo volume …, the increased repo volume and the Fed's balance sheet normalization jointly created an environment where window …

' demand for reserves moved over time? We provide a structural time-varying estimate of the slope of the reserve demand curve … approach to address endogeneity. Consistent with economic theory, our estimates show a nonlinear demand function that exhibits …