Banks contribute through their work to financial developments as they ensure at least the necessary structure for the market economy. The lending activity of banks takes place in accordance with the national regulations specific to each country individually and it supports the facilitation of...

The analytical starting point determines the course of a theoretical investigation and, ultimately, the productiveness of an approach. The classics took production and accumulation as their point of departure; the neoclassics, exchange. Exchange implies behavioral assumptions and notions like...

We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each “reserve maintenance period,” when the...