Source: Figure 4 in Jane Ihrig and Scott Wolla (2022), “Let’s Close the Gap: Updating the Textbook Treatment of Monetary Policy,” Journal of Economic Education, vol. 53 (3), pp. 232–49. 6  Figure 4: Graphical Comparison of Scarce-Reserves Regime (left panel) and Ample-Reserves Regime (right panel) Scarce-reserves regime  Ample-reserves regime  Note: FFR is federal funds rate.
IORB is interest rate on reserve balances. ON RRP is overnight reverse repurchase agreement. Source: Figure 5 in Jane Ihrig and Scott Wolla (2022), “Let’s Close the Gap: Updating the Textbook Treatment of Monetary Policy,” Journal of Economic Education, vol. 53 (3), pp. 232–49. 7  8  9  Summary of Fed’s Toolbox Policy Implementation Tools  Administered Rates  1.