... on Reserves and Monetary Policy.” Federal Reserve Bank of New York Economic Policy Review 8, no. 1 (May): 13-29. Proceedings of a Conference Sponsored by the Federal Reserve Bank of New York, ... activities of banks may result in small changes in the level of required reserves, the vast majority of the newly-created reserves will end up being held as excess reserves almost no matter what banks ... (2009) “Inflation Nation,” New York Times, May 4, 2009. Nield, Ian (2008) “Evolution of the Reserve Bank s liquidity facilities,” Reserve Bank of New Zealand Bulletin 71, no. 4 (December): 5-17....