In past decades, large expansions of bank reserves caused lending surges that increased the money supply and fueled inflationary spending growth. But now commercial banks are willing to hold their excess reserves at the Fed, because the Fed now pays interest on those deposits.
在过去几十年中，银行准备金的大幅扩张导致贷款激增，从而刺激了货币供给和通胀性支出增长。但如今商业银行宁愿将超额准备金存在美联储，因为美联储可以为这笔存款提供利息。欧洲央行也为存款提供利息，因此，从理论上说，也可以阻止准备金增加导致有害的贷款扩张。