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Speech
Presentation by Dina Tavares Marchioni at the 2024 Crane Data Money Fund Symposium
Tavares Marchioni, Dina (2024-06-14)
Presentation on Balance Sheet Runoff and Money Market Monitoring delivered by Dina Tavares Marchioni, Director of Money Markets at the Federal Reserve Bank of New York on June 14, 2024.
Speech

Report
The payment system benefits of high reserve balances
Kroeger, Alexander; McAndrews, James J. (2016-06-01)
The policy measures taken since the financial crisis have greatly expanded the size of the Federal Reserve?s balance sheet and have thus raised the level of aggregate bank reserves as well. Over the same period there has been a significant shift in the timing of payments made over the Federal Reserve?s Fedwire Funds Service toward earlier settlement. This paper documents this timing change and presents regression results suggesting that the increase in overall reserve balances explains the vast majority of this development. The paper also discusses the benefits of high aggregate reserve ...
Staff Reports , Paper 779

Discussion Paper
With Abundant Reserves, Do Banks Adjust Reserve Balances to Accommodate Payment Flows?
Kraft, Kailey; Huang, Catherine; Copeland, Adam (2022-10-12)
As a result of the global financial crisis (GFC), the Federal Reserve switched from a regime of scarce reserves to one of abundant reserves. In this post, we explore how banks’ day-to-day management of reserve balances with respect to payment flows changed with this regime switch. We find that bank behavior did not change on average; under both regimes, banks increased their opening balances when they expected higher outgoing payments and, similarly, decreased these balances with expected higher incoming payments. There are substantial differences across banks, however. At the introduction ...
Liberty Street Economics , Paper 20221012

Discussion Paper
The Rapidly Changing Nature of Japan’s Public Debt
Wheeler, Harry; Klitgaard, Thomas (2016-06-22)
Japan’s general government debt-to-GDP ratio is the highest of advanced economies, due in part to increased spending on social services for an aging population and a level of nominal GDP that has not increased for two decades. The interest rate payments from taxpayers on this debt are moderated by income earned on government assets and by low interest rates. One might think that the Bank of Japan’s purchases of government bonds would further ease the burden on taxpayers, with interest payments to the Bank of Japan on its bond holdings rebated back to the government. Merging the balance ...
Liberty Street Economics , Paper 20160622

Speech
Balance Sheet Reduction: Progress to Date and a Look Ahead
Perli, Roberto (2024-05-08)
Remarks at 2024 Annual Primary Dealer Meeting, Federal Reserve Bank of New York, New York City.
Speech

Discussion Paper
Reserves and Where to Find Them
Afonso, Gara; Cipriani, Marco; Martinez, JC; Plosser, Matthew (2025-06-23)
Banks use central bank reserves for a multitude of purposes including making payments, managing intraday liquidity outflows, and meeting regulatory and internal liquidity requirements. Data on aggregate reserves for the U.S. banking system are readily accessible, but information on the holdings of individual banks is confidential. This makes it difficult to investigate important questions like: “Which types of banks hold reserves?” “How concentrated are they?” and “Does the distribution change over time or in response to significant events?” In this post, we summarize how ...
Liberty Street Economics , Paper 20250623

Discussion Paper
What If the U.S. Dollar's Global Role Changed?
Clark, Hunter L.; Goldberg, Linda S.; Choi, Mark (2011-10-03)
It isn’t surprising that the dollar is always in the news, given the prominence of the United States in the global economy and how often the dollar is used in transactions around the world (as discussed in a 2010 Current Issues article). But the dollar may not retain this dominance forever. In this post, we consider and catalog the implications for the United States of a potential lessening of the dollar’s primacy in international transactions. The circumstances surrounding such a possibility are important for the effects. As long as U.S. fundamentals remain strong, key consequences could ...
Liberty Street Economics , Paper 20111003

Discussion Paper
The Turnaround in Private and Public Financial Outflows from China
Wheeler, Harry; Klitgaard, Thomas (2016-05-09)
China lends to the rest of the world because it saves much more than it needs to fund its high level of physical investment spending. For years, the public sector accounted for this lending through the Chinese central bank’s purchase of foreign assets, but this changed in 2015. The country still had substantial net financial outflows, but unlike in previous years, more private money was pouring out of China than was flowing in. This shift in private sector behavior forced the central bank to sell foreign assets so that the sum of net private and public outflows would equal the saving ...
Liberty Street Economics , Paper 20160509

Speech
A Return to Operating with Abundant Reserves
Logan, Lorie (2020-12-01)
Remarks before the Money Marketeers of New York University (delivered via videoconference).
Speech

Discussion Paper
What Quantity of Reserves Is Sufficient?
Copeland, Adam; Duffie, Darrell; Yang, Yilin (2021-09-29)
A concern of the Federal Reserve is how to manage its balance sheet and whether, over the long run, the balance sheet should be small or large. In this post, we highlight results from a recent paper in which we show how, even during a period of “ample” reserves, the Fed’s management of its balance sheet had material impacts on funding markets and especially the repo market. We argue that the Fed’s “balance-sheet normalization” from March 2017 to September 2019—under which aggregate reserves declined by more than $950 billion—combined with post-crisis liquidity regulations, ...
Liberty Street Economics , Paper 20210929

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