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In Section 4, we investigate whether setting the IOER equal to the IORR would be necessary for the Fed to conduct a bank-credit intermediate-targeting monetary policy procedure effectively under an interest-on-reserves-based regime.
In so doing, the Fed could sig- nificantly reduce its total interest payments on reserves and thereby substantially reduce the associated substantial additional in- terest-expense burden associated with the current policy procedure.
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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