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یک صدم درصد
Given that banks' balances of excess reserves held with the Fed have exceeded $2 trillion in recent years, each 25 basis point increase in the interest rate that the Fed pays on excess reserves alone has translated into an additional annual expense of more than $5 billion for the Fed.
3 Based on the actual value of the interest rate on reserves established by the Fed, the calibration exercise of Dutkowsky and VanHoose (2017) suggests that this "sufficient distance" is roughly equal to 3-6 basis points.
In immediate response to the advent of a recession, reflected in a significant decrease in exogenous loan demand L0, the Fed should simultaneously increase the IORR and decrease the IOER (and the federal funds rate) as required until the top of the federal funds target range equals, say 50 basis points.
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