References for 'Options for reducing the size of the Fed’s balance sheet'

Anderson, Alyssa G., Alessandro Barbarino, Anthony M. Diercks and Stephen Miran. 2026. “A User’s Guide to Reducing the Federal Reserve’s Balance Sheet.” Finance and Economics Discussion Series 2026-019, Federal Reserve Board.

Baughman, Garth, and Francesca Carapella. 2020. “Voluntary Reserve Targets.” Journal of Money, Credit and Banking 52(2-3), March-April, 583-612.

Baughman, Garth, and Francesca Carapella. 2023. “A Simple Model of Voluntary Reserve Targets with Tolerance Bands.” Journal of Money, Credit and Banking 55(2-3), March, 655-672.

Board of Governors of the Federal Reserve System. 2020. “Federal Reserve Actions to Support the Flow of Credit to Households and Businesses.” Press release, March 15.

Board of Governors of the Federal Reserve System. 2021. “Statement Regarding Repurchase Agreement Arrangements.” Press release, July 28.

Board of Governors of the Federal Reserve System. 2024. “Request for Information and Comment on Operational Aspects of Federal Reserve Bank Extensions of Discount Window and Intraday Credit.” Federal Register 89, No. 175 (Sept. 10): 73415-73418.

Board of Governors of the Federal Reserve System. 2025a. “Federal Reserve Action to Expand Fedwirer® Funds Service and National Settlement Service Operating Hours.” Federal Register 90, No. 219 (Nov. 17): 51356-51368.

Board of Governors of the Federal Reserve System. 2025b. “Request for Information and Comment on Reserve Bank Payment Account Prototype.” Federal Register 90, No. 244 (Dec. 23): 60096-60099.

Borio, Claudio. 2023. “Getting up from the floor.” Bank for International Settlements Working Paper No. 1100.

Bowman, Michelle W. 2026. “Liquidity Resiliency, Financial Stability, and the Role of the Federal Reserve.” Speech at the Roundtable on Liquidity and Lender of Last Resort sponsored by the Committee on Capital Markets Regulation, March 3.

Committee on Payment and Settlement Systems and Technical Committee of the International Organization of Securities Commissions. 2012. “Principles for financial market infrastructures.” Report, Bank for International Settlements and International Organization of Securities Commissions.

De Vere, Hugo, Srini Ramaswamy and Sam Schulhofer-Wohl. 2025. “An Asset-Liability Management Approach to the Federal Reserve Balance Sheet.” Federal Reserve Bank of Dallas Working Paper No. 2525, July.

Dodd–Frank Wall Street Reform and Consumer Protection Act. 2010. Public Law 111-203, July 21. U.S. Statutes at Large 124 (2010), 1376-2223.

Duffie, Darrell. 2026. “The Payment System Puts a Floor on the Fed’s Balance Sheet.” Manuscript prepared for Brookings Papers on Economic Activity.

Duygan-Bump, Burcu, and R. Jay Kahn. 2026. “The Central Bank Balance-Sheet Trilemma.” FEDS Notes, Jan. 14.

Federal Open Market Committee. 2018. “Minutes of the Federal Open Market Committee, November 7-8, 2018.”

Federal Open Market Committee. 2019a. “Minutes of the Federal Open Market Committee, January 29-30, 2019.”

Federal Open Market Committee. 2019b. “Statement Regarding Monetary Policy Implementation and Balance Sheet Normalization.” Jan. 30.

Federal Reserve Act. 1913. Public Law 63-43, Dec. 23. U.S. Statutes at Large 38 (1913-1915), 251-275.

Hammack, Beth. 2025. “The Federal Reserve’s Balance Sheet: Some Major League Questions.” Speech at Money Marketeers of New York University, April 23.

Hughes, Chris, and Josh Younger. 2026. “The Price of the Floor: Quantifying the Cost of Ample Reserves in U.S. Monetary Policy Implementation.” Report, Hutchins Center on Fiscal & Monetary Policy at the Brookings Institution, February.

Kahn, Charles M., James McAndrews and William Roberds. 2005. “Money Is Privacy.” International Economic Review 46(2), 377-399.

Levy, Rosie. 2025. “Payment system design can encourage intraday liquidity efficiency.” Dallas Fed Economics, Oct. 2.

Logan, Lorie, and Sam Schulhofer-Wohl. 2018. “Possibilities for Reducing the Long-Run Size of the Federal Reserve’s Balance Sheet.” Memo to the Federal Open Market Committee, Dec. 7.

Logan, Lorie. 2023. “Ample reserves and the Friedman rule.” Speech at the European Central Bank Conference on Money Markets, Nov. 10.

Logan, Lorie. 2025. “Opening remarks for panel titled ‘Post-Pandemic Challenges for Monetary Policy Implementation.’” Remarks at Conference on the Future of Central Banking at Banco de Mexico, Aug. 25.

Judson, Ruth. 2024. “Demand for U.S. Banknotes at Home and Abroad: A Post-Covid Update.” International Finance Discussion Paper No. 1387, Federal Reserve Board, March.

Nelson, Bill. 2025. “The Fed vs. the World: Our Central Bank’s Unique Distrust of Private Markets.” Bank Policy Institute, June 20.

Perli, Roberto. 2026. “Reflections on the Early Days of Reserve Management Purchases and the Maintenance of Ample Reserves.” Remarks before the Money Marketeers of New York University, March 26.

Rogoff, Kenneth S. 2017. The Curse of Cash. Princeton, N.J.: Princeton University Press.

Santoro, Paul J. 2012. “The Evolution of Treasury Cash Management during the Financial Crisis.” Federal Reserve Bank of New York Current Issues in Economics and Finance 18(3), 1-11.

Schulhofer-Wohl. 2025. “Monetary policy implementation and the consolidated government balance sheet.” Dallas Fed Economics, April 15..

Schulhofer-Wohl, Sam, Zeynep Senyuz and Patricia Zobel. 2018. “The Federal Reserve’s Long-Run Operating Regime.” Memo to the Federal Open Market Committee, Oct. 22.

Sims, Christopher A. 2016. “Fiscal Policy, Monetary Policy and Central Bank Independence.” Luncheon address at the Federal Reserve Bank of Kansas City Jackson Hole Economic Policy Symposium.

Sveriges Riksbank. 2026. “Payments Report 2026.”

Swedish Civil Contingencies Agency. 2024. “In case of crisis or war.”

Vissing-Jorgensen, Annette. 2025. “Fluctuations in the Treasury General Account and their effect on the Fed’s balance sheet.” FEDS Notes, Aug. 6.