Reserves were not so Ample after all*

• 成果类型: Article
• 署名作者: Copeland, Adam; Duffie, Darrell; Yang, Yilin (David)
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; Stanford University; City University of Hong Kong
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1093/qje/qjae034
• 发表日期: 2024
• 页码: 239-281
• 关键词: LIQUIDITY MANAGEMENT; MARKET; illiquidity

摘要

We show that the likelihood of a liquidity crunch in wholesale U.S. dollar funding markets depends on levels of reserve balances at the financial institutions that are the most active intermediaries of these markets. Heightened risk of an imminent liquidity crunch is signaled by significant delays in intraday payments to these large financial institutions over the prior two weeks. Our study contributes to the broader dialogue surrounding the Federal Reserve's ongoing quantitative tightening.