See Reifschneider, Wascher, and Wilcox (2013) and Fernald (2014). 16  See Board of Governors (2014a). 4  BIS central bankers’ speeches  possibly subject to a cap on the aggregate amount invested. Because ON RRP counterparties include many money market participants that are not eligible to receive IOER, the facility can be a powerful tool for controlling money market interest rates.
5 Altogether, the reputation of capital flows is at a low ebb. An interesting retrospective discussion on this may be found in David Lubin’s interview with Larry Summers, titled, ‘Thinking aloud on emerging markets: is the international monetary system bad for EM?’, 2 August 2022.