The policy measures taken since the financial crisis have greatly expanded the size of the Federal Reserve's balance sheet and have thus raised the level of aggregate bank reserves as well. Over the same period there has been a significant shift in the timing of payments made over the Federal...

The Rural Minimum Living Standard is an important component of social security in rural areas of China, as it provides social assistance to poor rural households. The country’s size and large development heterogeneities, however, make the policy’s implementation a challenging task. Using...

The market for central bank reserves is mainly over-the-counter and exhibits a core-periphery network structure. This paper develops a model of relationship lending in the unsecured interbank market. In equilibrium, a tiered lending network arises endogenously as banks choose to build...