Week 4 — Lectures 6 & 7, Reading 3
We're discussing the following for week 4: Lecture 6: Federal Funds, Final Settlement Lecture NotesThis lecture describes a stylized version of the US payment system, and how the Fed Funds market (interbank lending) used to allocate reserves among the banks before 2008. Lots of great balance-sheet practice for understanding how a credit-based payment system can …