The Central Bank Balance-Sheet Trilemma

Burcu Duygan-Bump and Robert Kahn
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Burcu Duygan-Bump: https://www.federalreserve.gov/econres/burcu-duygan-bump.htm

No 2026-01-14, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Between December 2005 and December 2025, the Federal Reserve's balance sheet grew from about $800 billion to roughly $6.5 trillion—an increase from around 6 percent to 21 percent of GDP. This expansion primarily reflected two policy decisions by the FOMC.

Date: 2026-01-14
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:102361

DOI: 10.17016/2380-7172.3979

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