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Is pushing up the Fed's total interest payments by setting the interest rates on excess reserves equal to the interest rate on required reserves necessary to ensure the monetary-policy effectiveness under interest-on-reserves, that the Fed established in October 2008?
In addition, we explain how the interest-on-reserves regime tends to mitigate the impacts of shocks to the public's supply of deposits on the volatility of aggregate bank credit while exacerbating the impacts of shocks to the public's demand for loans on the volatility of aggregate bank credit.
We also provide in Section 3 an illustrative example in which the Fed regards bank credit as an intermediate policy target, to provide a possible motivation for choosing the interest-on-reserves regime over the regime with the federal funds rate as the primary monetary policy instrument.
In contrast to models employed in analyses of the interest-on-reserves policy procedure by Ireland (2012); Dressler and Keating (2015), and
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