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23min chapter
Ep. 220: George Selgin on Fed Independence, Poor Operations and Inflation
Macro Hive Conversations With Bilal Hafeez
Evolution of Bank Reserves and the Impact of Interest Rates
The chapter explores the evolution of bank reserves at central banks, from minimal deposits for regulatory purposes to larger holdings post-2008 due to interest on reserves. It discusses the Federal Reserve's decision to pay interest on reserves to maintain interest rates, unintended consequences of an abundant reserve system, and the impact on bank lending and self-regulation.
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