Episode notes
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This is the fifty-fifth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast.
Contents
00:00 Intro
00:55 From discount rate to Discount window
05:25 2006 regulation allowing 'Interest on reserves'
07:38 IORR and IOER are dotted lines
09:35 How and why a 'corridor system?'
11:34 Floored!
19:40 It's definitely possible to lend any and all reserves...
20:18 ...Unless you have an IOR (floor) system
21:55 Not just Bernanke; Yellen & Powell too
Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rates.
The Fed has claimed they operate a 'Corridor system.' In reality, the system has been flooring interest rates since 2008, and I explain why in this video.
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