Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets
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When the Federal Reserve (Fed) expanded its balance sheet via quantitative easing (QE), commercial banks typically financed reserve holdings with uninsured demandable deposits. They also issued credit lines to corporations. In the aggregate, these bank-issued claims on liquidity did not shrink
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美国国家经济研究局创建时间：
2023-03-01
