The Effect of Changes in Reserve Requirements on Investment and GNP
利用准备金要求变化作为外生冲击，研究货币政策传导渠道，发现提高准备金要求会降低总投资、实际国民生产总值和银行商业贷款。
This paper provides evidence on the importance of the channel in the transmission of monetary policy. Changes in reserve requirements are used to measure shocks. Reserve requirement changes are often made for regulatory reasons, and hence provide a more exogenous measure of shocks than the measures used in previous tests. To distinguish between the money and credit channels, the significance of the reserve requirements variable is studied in an empirical model that includes other monetary aggregates (either the monetary base or M1). We find that an increase in reserve requirements lowers aggregate investment, real GNP and commercial and industrial (C&I) loans made by banks.