The Carry-Forward Provision and Management of Bank Reserves
研究发现美联储1968年允许银行结转准备金余缺的条款，反而激励银行每周交替出现超额或不足，导致准备金调整，并削弱利率变化对超额准备金水平的影响。
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.