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How Did the Fed Funds Market Change When Excess Reserves Were Abundant?

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Abstract

Prior to the 2007-2008 financial crisis, excess reserves in the U.S. banking system were scarce. After the financial crisis and up until early 2018, excess reserves were abundant. In this article, the authors document, analyze, and explain the differences in the performance of the federal funds market under the two different excess reserves frameworks.

Suggested Citation

  • John McGowan & Ed Nosal, 2020. "How Did the Fed Funds Market Change When Excess Reserves Were Abundant?," Economic Policy Review, Federal Reserve Bank of New York, vol. 26(1), pages 1-15, March.
    • Handle: RePEc:fip:fednep:88214
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    More about this item

    Keywords

    Federal Reserve; EFFR; abundant excess reserves; FBO; Federal Home Loan Banks; FHLB; effective fed funds rate; fed funds market; foreign banking organizations; monetary policy framework;
    All these keywords.

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G2 - Financial Economics - - Financial Institutions and Services

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