Board of Governors of the Federal Reserve System

central reserve city banks; from 18 to 17 Y2 per cent at reserve city ...central reserve city banks; from 17Y2 to 17 per cent at reserve city banks

Bank of New York); and Won Chung, Tammy Didier, Xiaopeng Zhang and Guo...central clearing counterparties (CCPs) and noted that other parts of the

central reserve city banks; from 18 to 17 Y2 per cent at reserve city ...central reserve city banks; from 17Y2 to 17 per cent at reserve city banks

banks’ interest-rate margins 4 Lars E.O. Svensson, Sveriges Riksbank Monetary...currency): Pays a zero interest rate Depositors and investors may prefer

currencies while showing little net change against the Japanese yen and...central bank intervention abroad. As a group, central banks remained net

bank credit............................. 3 Business finance..............bank credit and short- and intermediate-term business credit..........

Central crisis. One large bank director reports that for the last two ...Central episode. He believes that it is time for the Fed to ease up and

Banks of Dallas, Minneapolis, and Philadel- phia, respectively William...Bank of St. Louis Jeff Fuhrer and Daniel G. Sullivan, Executive Vice Presidents

Banks of Dallas, Minneapolis, and Philadel- phia, respectively William...Bank of St. Louis Jeff Fuhrer and Daniel G. Sullivan, Executive Vice Presidents

banks’ need to meet reserve requirements or clearing needs. In that environment...currency. 4 The remainder of this paper discusses the model and results