... words: bank reserves, central bank liquidity facilities, money multiplierKeister: Federal Reserve Bank of New York (e-mail: todd.keister@ny.frb.org). McAndrews: Federal Reserve Bank of New York ... 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, ... those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System.1 Introduction Since September 2008, the quantity of reserves...