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Working Papers

April 1978, No. 78-3

Required Reserves, Correspondent Balances and Cash Asset Positions of Member and Non-Member Banks: Evidence from the Fifth Federal Reserve District

Bruce J. Summers

Increasing membership attrition has stimulated research into the costs and benefits of Federal Reserve System membership compared to the nonmembership alternative.  Recent research has contributed to our understanding of the membership question in two important ways. 

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