Quarterly Review
Reserve Requirements and the Discount Window in Recent Decades
Autumn 1992Volume 17, Number 3

Author: Ann-Marie Meulendyke

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.

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