| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20612 |
| 来源ID | Working 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 |
| URL | https://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。 | |||||
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