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Reserve requirements and the discount window in recent decades

Author

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  • Ann-Marie Meulendyke

Abstract

Reserve requirements and the discount window have long supported open market operations in the monetary policy process. Focusing on the last four decades, the author first examines the effects of required reserves on policy implementation, bank behavior, and government revenues, giving special attention to the recent cuts in requirements. She then considers the rules governing access to the discount window and the factors influencing banks' use of the window.

Suggested Citation

  • Ann-Marie Meulendyke, 1992. "Reserve requirements and the discount window in recent decades," Quarterly Review, Federal Reserve Bank of New York, vol. 17(Aut), pages 25-43.
    • Handle: RePEc:fip:fednqr:y:1992:i:aut:p:25-43:n:v.17no.3
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    Citations

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    Cited by:

    1. Eric M. Leeper & Christopher A. Sims & Tao Zha, 1996. "What Does Monetary Policy Do?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 1-78.
    2. Bartunek, Kenneth S. & Madura, Jeff, 1996. "Wealth effects of reserve requirement reductions in the 1990s on depository institutions," Review of Financial Economics, Elsevier, vol. 5(2), pages 191-204.
    3. Shaffer, Sherrill, 1998. "Capital Requirements and Rational Discount-Window Borrowing," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 849-863, November.
    4. Kenneth S. Bartunek & Jeff Madura, 1996. "Wealth effects of reserve requirement reductions in the 1990s on depository institutions," Review of Financial Economics, John Wiley & Sons, vol. 5(2), pages 191-204.
    5. James A. Clouse & Douglas W. Elmendorf, 1997. "Declining required reserves and the volatility of the federal funds rate," Finance and Economics Discussion Series 1997-30, Board of Governors of the Federal Reserve System (U.S.).
    6. Kim, Iljoong & Kim, Inbae, 2007. "Endogenous selection of monetary institutions: With the case of discount windows and bureaucratic discretion," International Review of Law and Economics, Elsevier, vol. 27(3), pages 330-350, September.

    More about this item

    Keywords

    Bank reserves; Discount window;

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