储备其实并不充裕
Reserves Were Not So Ample After All
Quarterly Journal of Economics · 2024 · [{"name": "Adam Copeland", "affiliation": ["Federal Reserve Bank of New York"]}, {"name": "Darrell Duffie", "affiliation": []}, {"name": "Yilin Yang", "affiliation": ["City University of Hong Kong", "City University of Seattle", "University of Hong Kong"]}]
中文摘要
摘要 我们表明，美元批发融资市场发生流动性紧缩的可能性，取决于作为这些市场最活跃中介的金融机构的准备金余额水平。此前两周内，若这些大型金融机构的日内支付出现显著延迟，即预示着即将发生流动性紧缩的风险上升。我们的研究为围绕美联储持续推进的量化紧缩政策所展开的更广泛讨论做出了贡献。
Abstract
Abstract We show that the likelihood of a liquidity crunch in wholesale U.S. dollar funding markets depends on levels of reserve balances at the financial institutions that are the most active intermediaries of these markets. Heightened risk of an imminent liquidity crunch is signaled by significant delays in intraday payments to these large financial institutions over the prior two weeks. Our study contributes to the broader dialogue surrounding the Federal Reserve’s ongoing quantitative tightening.