With the use of nontraditional policy tools, the level of reserve balances has risen significantly in the United States since 2007. Before the financial crisis, reserve balances were roughly $20 billion whereas the level has risen well past $1 trillion. The effect of reserve balances in simple macroeconomic models often comes through the money multiplier, affecting the money supply and the amount of bank lending in the economy. Most models currently used for macroeconomic policy analysis, however, either.
Money, Reserves, and the Transmission of Monetary Policy: Does the Money Multiplier Exist? book series pdf
Board of Governors of the Federal Reserve System Money, Reserves, and the Transmission of Monetary Policy: Does the Money Multiplier Exist? free
Money, Reserves, and the Transmission of Monetary Policy: Does the Money Multiplier Exist? for free
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