DiscussionPaperSeriesThecentralbank’sbalancesheetinthelongrun:amacroperspectivePeterKaradi,DominikThaler,OresteTristaniDisclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.No25DiscussionpapersDiscussionpapersareresearch-basedpapersonpolicyrelevanttopics,offeringabroaderandmorebalancedperspective.Whilebeingpartlybasedonoriginalresearch,theyplacetheanalysisinthewidercontextoftheliteratureonthetopic.Theyalsoconsiderexplicitlythepolicyperspective,withaviewtodevelopanumberofkeypolicymessages.Theirformatofferstheadvantagethatalternativeanalysesandperspectivescanbecombined,includingtheoreticalandempiricalwork.TheselectionanddistributionofdiscussionpapersaresubjecttotheapprovaloftheDirectorGeneraloftheDirectorateGeneralResearch.ECBDiscussionPaperSeriesNo251Abstract:Westudywhetheritisdesirableforthecentralbanktosupplyreservesabundantly,i.e.beyondthelevelthatsatisfiesfinancialinstitutions’aggregateliquidityneeds.Usingatheoreticalframework,wedemonstratethatabundantreserveswouldhelpfulfiltheprivatesector’sdemandforsafeandliquidassets,becausereservesaffectfinancialinstitutions’leverageconstraints.Morespecifically,systematiccentralbankpurchasesofmedium-termgovernmentbondsfromfinancialinstitutionswouldrelax...
发表评论取消回复