Go to Federal Reserves Balance Sheet to see a recent balance sheet statement for the Federal Reserve System.

a) During the financial crisis and the pandemic, the Federal Reserve directly allocated credit by purchasing privately issued securities. Describe the components of the Federal Reserves balance sheet that are privately issued securities.

(b) What are the repurchase agreements on the asset side?

(d) On the liabilities side, what are reverse repurchase agreements? (e) What fraction of total assets is currency in circulation?

(f) What fraction of total assets is reserves?

(g) Look at the H.4.1 for December 2006, December 2011 and January 2021. Discuss the differences among the three balance sheets in terms of size and composition of assets.