The Demand for Excess Reserves

James P. Dow

Southern Economic Journal, 2001, vol. 67, issue 3, 685-700

Abstract: This paper provides an estimate of the demand for excess reserves in the United States. It finds that excess reserves are negatively related to the Federal funds rate and positively related to transactions deposits. It also finds that clearing needs significantly affect the demand for reserves with increases in excess reserves coming in response to lower required reserve balances and higher clearing volume. Some implications for monetary policy are discussed.

Date: 2001
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https://doi.org/10.1002/j.2325-8012.2001.tb00363.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:soecon:v:67:y:2001:i:3:p:685-700

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