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Economic Commentary

Do Excess Reserves Reveal Credit Crunches?

The anticipated economic recovery is haunted by the specter that banks, under pressure from regulators and shareholders, will make too few loans to reignite the economy. Like a phantom, this socalled credit crunch eludes attempts to pin it down, quantify it, or dissect it.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Haubrich, Joseph G. 1991. “Do Excess Reserves Reveal Credit Crunches?” Federal Reserve Bank of Cleveland, Economic Commentary 7/15/1991.

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