It takes the average reader and 49 minutes to read Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy by Eric Monnet
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This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce.
Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy by Eric Monnet is 48 pages long, and a total of 12,384 words.
This makes it 16% the length of the average book. It also has 15% more words than the average book.
The average oral reading speed is 183 words per minute. This means it takes 1 hour and 7 minutes to read Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy aloud.
Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy is suitable for students ages 8 and up.
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