Monetary Policy without Reserve Requirements: Case Studies and Options for the United States
研究了加拿大、英国和新西兰如何在无准备金要求下实施货币政策，分析了支付系统与货币政策的联系以及准备金要求与利率波动的关系，为美国进一步降低准备金余额提供参考。
Over the past decade, the level of required balances held by depository institutions in the United States has declined dramatically. The decline in reserve balances has fueled a debate over the role of reserve requirements. On the one hand, proponents of reserve requirements argue that low reserve balances may complicate monetary policy operations and increase short-term interest rate volatility. On the other hand, critics of reserve requirements argue that lower reserve requirements remove a distortionary tax on depository institutions and need not complicate monetary policy operations. ; In this article, the authors examine how three countries - Canada, the United Kingdom, and New Zealand conduct monetary policy without using reserve requirements. The experience of these three countries provides insight into the linkages between the payments system and monetary policy and into the connection between reserve requirements and interest rate volatility. This insight is particularly helpful in understanding the implications of a further reduction of reserve balances in the United States.