Excess reserves and the new challenges for monetary policy

Huberto Ennis and Alexander Wolman

Richmond Fed Economic Brief, 2010, issue Mar, No 10-03

Abstract: Interest on reserves allows the Federal Reserve to pursue an appropriate monetary policy even with a high level of excess reserves. However, a banking system flush with excess reserves can raise the risk of monetary policy getting behind the curve.

Keywords: Inflation (Finance); Monetary policy (search for similar items in EconPapers)
Date: 2010
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