Federal Reserve Monetary Policy When Reserves Pay Interest

Thomas R Saving

Chapter 15 in A Century of Federal Reserve Monetary Policy:Issues and Implications for the Future, 2019, pp 151-174 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The following sections are included:IntroductionThe Fed Funds Rate and Monetary PolicyA Primer on Traditional Federal Reserve Monetary PolicyDoes Paying Interest on Reserves Change Anything?Interest on Reserves as a Monetary Policy ToolThe Net Effect of Paying Interest on ReservesA Corrected Measure of the Monetary BaseConclusion

Keywords: Federal Reserve; Monetary Policy; Money; Currency; Interest Rates; Inflation (search for similar items in EconPapers)
JEL-codes: E00 E6 F45 (search for similar items in EconPapers)
Date: 2019
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