The Carry‐Forward Provision and Management of Bank Reserves
研究美联储D条例1968年修正案中的结转条款，发现该条款促使银行交替出现准备金盈余和不足，反而加剧了准备金调整，并削弱了利率变化对超额准备金的影响。
ABSTRACT The 1968 amendment to Regulation D of the Federal Reserve Code permits banks to carry forward one sequential reserve excess or deficiency into the next reserve accounting period. This was intended to reduce the weekly pressure on individual banks to adjust their reserve position. We find, instead, that the carry‐forward provision gives individual banks an incentive to alternate weekly between reserve excesses and reserve deficiencies. Thus, the carry‐forward provision tends to induce reserve position adjustments even in the absence of changes in the level of deposits. In addition, the carry‐forward provision reduces the impact of interest‐rate changes on the desired level of excess reserves.