KDI 한국개발연구원 - 경제정책정보 - 발간처별 목록 - 은행 - FRB of New York - Monetary Policy Implementation with an Ample Supply of Reserves

본문

경제정책정보

유관기관의 다양한 자료를 한 곳에서 살펴보실 수 있습니다.

정부기관

Monetary Policy Implementation with an Ample Supply of Reserves

FRB of New York 2020.02.04
페이스북
Methods of monetary policy implementation continue to change. The level of reserve supply―scarce, abundant, or somewhere in between―has implications for the efficiency and effectiveness of an implementation regime. The money market events of September 2019 highlight the need for an analytical framework to better understand implementation regimes. We discuss major issues relevant to the choice of an implementation regime, using a parsimonious framework and drawing from the experience in the United States since the 2007-09 financial crisis. We find that the optimal level of reserve supply likely lies somewhere between scarce and abundant reserves, thus highlighting the benefits of implementation with what could be called “ample” reserves. The Federal Reserve’s announcement in October 2019 that it would maintain a level of reserve supply greater than the one that prevailed in early September is consistent with the implications of our framework.

가입하신 이동통신사의 요금제에 따라
데이터 요금이 과다하게 부가될 수 있습니다.

파일을 다운로드하시겠습니까?
KDI 연구 카테고리
상세검색