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اقتصاد::
ابزار سیاست گذاری
The Fed's regime shift to banks holding positive excess reserves and minimal in- terbank lending strengthens the effect on bank credit of its current primary policy instrument, the interest rate on excess reserves, relative to the effect of its previous primary instrument, the federal funds rate.
Then within either regime, the Fed can conduct monetary policy by using policy instruments appropriate to the given environment.
We show in Section 3 how the Fed's policy shift in October 2008 has led to a stronger effect on aggregate bank credit of changes in its new primary policy instrument, the interest rate on excess reserves, relative to the effects of its previous primary instrument, the federal funds rate during the pre-October 2008 regime.
We also provide in Section 3 an illustrative example in which the Fed regards bank credit as an intermediate policy target, to provide a possible motivation for choosing the interest-on-reserves regime over the regime with the federal funds rate as the primary monetary policy instrument.
The Fed does not use bank reserves as an exogenous policy instrument in either regime.
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محیط زیست و منابع طبیعی::
ابزار سیاستی
The term “policy instrument” is used to mean the mechanisms through which governments achieve a desired objective.
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