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The paper surveys the recent literature on the scal implications of central bank balance sheets, with a special focus on political economy issues. It then presents the results of simulations that describe the e ects of di erent scenarios for the Federal Reserve's longer-run balance sheet on its earnings remittances to the U.S. Treasury and, more broadly, on the government's overall scal position. We nd that reducing longer-run reserve balances from $2.3 trillion (roughly the current amount) to $1 trillion reduces the likelihood of posting a quarterly net loss in the future from 30 percent to under 5 percent. Further reducing longer-run reserve balances from $1 trillion to pre-crisis levels has little e ect on the likelihood of net losses.

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