Economic Policy Review
How Did the Fed Funds Market Change When Excess Reserves Were Abundant?
Forthcoming

JEL classification: E4, E5, G2

Authors: John P. McGowan and Ed Nosal

Prior to the 2007-2008 financial crisis, excess reserves in the U.S. banking system were scarce. After the financial crisis and up until early 2018, excess reserves were abundant. In this article, the authors document, analyze, and explain the differences in the performance of the federal funds market under the two different excess reserves frameworks.

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AUTHOR DISCLOSURE STATEMENT(S)
John P. McGowan
I declare that I have no relevant or material financial interests that relate to the research described in this paper.

Ed Nosal
In regard to the article "How Did the Fed Funds Market Change When Excess Reserves Were Abundant" co-authored with John McGowan (New York Fed), I have not received any financial support from any interested party, nor am I or was I a paid or unpaid officer, board member, or director of a relevant profit or non-profit organization.