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How to use Interest on Reserve for Inflation Targeting? | Q&A with Ricardo Reis...

This is the eighth installment of our interview series “Where is the General Theory of the 21st Century?”In this installment, we continue our talk...

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...

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...