Large Excess Reserves in the United States: A View from the Cross-Section of Banks
研究了2008年后美国银行准备金大幅增加的现象，通过分析准备金在银行间的分布及其与资产负债表其他部分的关系，发现准备金广泛分布且提升了银行流动性，同时银行并未面临严格的资本约束，这对评估超额准备金对货币政策的影响有启示。
Bank reserves in the United States increased dramatically at the end of 2008. Subsequent asset purchase programs in 2009 and 2011 more than doubled the quantity of reserves outstanding. We study the cross-sectional distribution of reserves in that period, and the relationship between holdings of reserves and other components of banks’ balance sheets. We find that reserves were widely distributed, increasing the liquidity position of many banks which, at the same time, were far from facing tight capital constraints. Our findings have implications for assessing the importance of large quantities of excess reserves for monetary policy.