G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w20612
来源IDWorking Paper 20612
Reserve Requirement Policy over the Business Cycle
Pablo Federico; Carlos A. Vegh; Guillermo Vuletin
发表日期2014-10-27
出版年2014
语种英语
摘要Based on a novel quarterly dataset for 52 countries for the period 1970-2011, we analyze the use and cyclical properties of reserve requirements (RR) as a macroeconomic stabilization tool and whether RR policy substitutes or complements monetary policy. We find that (i) around two thirds of developing countries have used RR policy as a macroeconomic stabilization tool compared to just one third of industrial countries (and no industrial country since 2004); (ii) most developing countries that rely on RR use them countercyclically; and (iii) in many developing countries, monetary policy is procyclical and hence RR policy has substituted monetary policy as a countercyclical tool. We interpret the latter finding as reflecting the need of many emerging markets to raise interest rates in bad times to defend the currency and not raise or lower the interest rate in good times to prevent further currency appreciation. Under these circumstances, RR policy provides a second instrument that substitutes for monetary policy. Evidence from expanded Taylor rules (i.e., Taylor rules that include a nominal exchange rate target) supports these mechanisms.
主题Macroeconomics ; Monetary Policy ; International Economics ; International Macroeconomics
URLhttps://www.nber.org/papers/w20612
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/578286
推荐引用方式
GB/T 7714
Pablo Federico,Carlos A. Vegh,Guillermo Vuletin. Reserve Requirement Policy over the Business Cycle. 2014.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Pablo Federico]的文章
[Carlos A. Vegh]的文章
[Guillermo Vuletin]的文章
百度学术
百度学术中相似的文章
[Pablo Federico]的文章
[Carlos A. Vegh]的文章
[Guillermo Vuletin]的文章
必应学术
必应学术中相似的文章
[Pablo Federico]的文章
[Carlos A. Vegh]的文章
[Guillermo Vuletin]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。