Board of Governors of the Federal Reserve System

i.e., those whose required reserves exceed their vault cash) plus the ...i.e., those whose vault cash exceeds their required reserves) to satisfy

i.e., those whose required reserves exceed their vault cash) plus the ...i.e., those whose vault cash exceeds their required reserves) to satisfy

www.ssrn.com. Forecast revisions as instruments for news shocks Danilo...E32, E44 ∗I thank Ana Galvão, Shaghil Ahmed, Anastasia Allayioti, Dario

3165.5 1021.2 4016.5 2887.2 1107.5 3492.3 3789.7 490.0 1995 13811.3 4844.5...11660.5 7567.2 2855.4 6361.5 17103.3 1753.2 2009Q1 35039.5 13747.2 10582.4

n.e.c.; liability 496.4 -435.9 -62.5 32.6 -121.2 20.9 -4.2 34.0 -68.7 ...26.2 -6.6 -3.2 1.8 4.8 7.8 5.2 6.5 -2.9 22.5 7.7 13 Government-sponsored

i.e., those whose required reserves exceed their vault cash) plus the ...i.e., those whose vault cash e

i.e., those whose required reserves exceed their vault cash) plus the ...i.e., those whose vault cash e

2.0 2.2 2.3 3.3 4.2 13.4 -10.5 10.6 37.9 15.7 -15.2 15 Life insurance ...27.3 31.5 98.3 59.8 41.1 -5.8 2.2 -21.2 -14.7 10.4 -40.3 21 Security brokers

2) (3) NSA base Federal Reserve, (4) (5) NSA -------------------------...2, column 1) less unadjusted required reserves (table 2, column 3). 5.

i.e., those whose required reserves exceed their vault cash) plus the ...i.e., those whose vault cash exceeds their required reserves) to satisfy