Reserves Were Not So Ample After All
研究发现，美元批发融资市场流动性紧缩的可能性取决于最活跃中介机构的准备金余额水平，过去两周内这些机构的日内支付显著延迟预示着流动性危机风险上升。
Abstract We show that the likelihood of a liquidity crunch in wholesale U.S. dollar funding markets depends on levels of reserve balances at the financial institutions that are the most active intermediaries of these markets. Heightened risk of an imminent liquidity crunch is signaled by significant delays in intraday payments to these large financial institutions over the prior two weeks. Our study contributes to the broader dialogue surrounding the Federal Reserve’s ongoing quantitative tightening.