以下はPablo Federico(ブラックロック)、Carlos A. Vegh(ジョンズ・ホプキンス大)、Guillermo Vuletin(ブルッキングス研究所)によるNBER論文「Reserve Requirement Policy over the Business Cycle」*1の要旨。 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 po