2019•FEDS NotesOpen access

Interest on Excess Reserves and U.S. Commercial Bank Lending

Marcelo Rezende, Rebecca Zarutskie, Judit Temesváry

Abstract

In this note, we empirically assess whether changes in the interest on excess reserves (IOER) rate and changes in the spread between the IOER rate and the effective federal funds rate (EFFR) have affected banks’ reserve holdings and lending, controlling for changes in the stance of monetary policy and other macroeconomic conditions.

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Key concepts: Excess reserves, Interest rate, Federal funds, Monetary economics, Economics, Monetary policy, Bank reserves, Quantitative easing