Rudy Fichtenbaum wrote: > You result does not surprise me. I have been following excess reserves since > the beginning of the crisis and they are off the charts. If you graph excess > reserves a few years before the crisis and then into the crisis you cannot > even see excess reserves before the crisis because in relative terms they > were so small compared to what they are today.
right: it's not the low number that's weird. It's being under one. By the way, I read an article years ago which talks about an "excess reserve trap" during the early 1930s, in which banks clung to their reserves for dear life. (This is a species of the liquidity trap, but i usually ignored.) -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
