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What is Payment on Reserves Process?

The payment on reserve process proposed by Robert Hall and Ricardo Reis is a way of remunerating reserves which would give the central bank...

What is the Saturated Level of Reserves?

The above figure portrays the market for Reserves. On the vertical axis is the real price of reserves, which is not the nominal interest...

Central Bank’s Balance Sheet and the Rise of Reserves

The above figure shows the balance sheet of four major central banks from 2005 to 2015. Above the horizontal axis is the asset side...