The case for an Elastic Reserves system: Recommendations for the Federal Reserve’s balance sheet review

The Federal Reserve can steer interest rates with a much smaller balance sheet, Chris Hughes argues in this new working paper.

克里斯·休斯在这份新工作文件中指出，美联储可以通过更小的资产负债表来控制利率。

He proposes a new approach, which he calls Elastic Reserves, that would supply reserves to banks as they need them.

他提出了一种新方法，他称之为弹性储备，可以在银行需要时向其提供储备。

Paired with changes to liquidity regulation and payment systems, it could reduce subsidies to banks, limit the Fed’s influence in financial markets, and strengthen its independence, while preserving interest-rate control and ensuring adequate liquidity for the banking system.

结合流动性监管和支付系统的变化，它可以减少对银行的补贴，限制美联储在金融市场的影响力，并加强其独立性，同时保留利率控制并确保银行体系充足的流动性。

The Fed’s current operating system—Ample Reserves—arose in the wake of the Great Financial Crisis.

美联储当前的操作系统——充足准备金——是在金融危机之后出现的。

The large-scale asset purchases the Fed had conducted as part of its crisis response had flooded the banking system with reserves, which rendered the Fed’s pre-crisis interest rate control tools ineffective.

美联储为应对危机而进行的大规模资产购买，导致银行体系的准备金泛滥，导致美联储危机前的利率控制工具失效。

To maintain the option of continuing to provide monetary accommodation through high levels of reserves, the Fed began paying interest on the reserve balances, and using the rate of interest paid as its primary tool to set monetary policy.

为了维持通过高准备金水平继续提供货币宽松的选择，美联储开始对准备金余额支付利息，并将支付的利率作为制定货币政策的主要工具。

This system has delivered important benefits.

该系统带来了重要的好处。

The Fed can provide liquidity during a crisis without automatically lowering interest rates, and it has generally kept its benchmark rate within its target range.

美联储可以在危机期间提供流动性，而无需自动降低利率，并且总体上将基准利率保持在目标范围内。

Yet those benefits come with costs.

然而，这些好处是有代价的。

The Fed pays banks a higher rate of interest on reserves than banks pay their depositors, and the difference is a subsidy to bank shareholders.

美联储向银行支付的准备金利率高于银行向储户支付的利率，其差额就是对银行股东的补贴。

The system requires a large portfolio, which currently holds short- and long-term Treasuries and mortgage-backed securities.

该系统需要庞大的投资组合，目前持有短期和长期国债以及抵押贷款支持证券。

The sheer size of the Fed’s portfolio keeps those prices higher than private investors alone would set.

美联储投资组合的庞大规模使这些价格高于私人投资者单独设定的价格。

In addition, because the Fed replaces long-term bonds in private hands with overnight reserves, it shortens the maturity of privately held government debt, a choice that customarily belonged to the Treasury.

此外，由于美联储用隔夜准备金取代了私人持有的长期债券，缩短了私人持有的政府债务的期限，而这一选择通常属于财政部。

The large economic footprint of the current system also exposes the Fed to political criticism and pressure.

现行体系的巨大经济足迹也使美联储面临政治批评和压力。

Finally, the Fed must continually assess the minimum necessary level to keep reserves “ample” and maintain constant vigilance against falling below this level.

最后，美联储必须不断评估保持储备“充足”的最低必要水平，并保持警惕，防止跌破这一水平。

Elastic Reserves would change how the Fed supplies liquidity to banks.

弹性准备金将改变美​​联储向银行提供流动性的方式。

The Fed would publish its lending terms, require banks to pledge collateral in advance for certain kinds of borrowing, and let banks’ borrowing needs determine the supply of reserves.

美联储将公布贷款条款，要求银行为某些借款提前提供抵押品，并让银行的借款需求决定准备金供应。

Reserves would expand when banks borrow and contract when they repay.

银行借款时准备金会增加，偿还时准备金会减少。

Fed lending would be structured so that private lenders would remain banks’ first source of funding, with the Fed supplying additional reserves as needed.

美联储贷款的结构将使得私人贷款机构仍将是银行的第一资金来源，美联储将根据需要提供额外的准备金。

The Fed would continue to pay interest on reserves as a tool for guiding market rates.

美联储将继续支付准备金利息，作为引导市场利率的工具。

Three lending programs would support this system.

三个贷款计划将支持该系统。

A redesigned Standing Repo Facility would provide overnight loans secured by Treasury and other government-backed securities.

重新设计的常备回购工具将提供由国债和其他政府支持的证券担保的隔夜贷款。

A new Term Liquidity Facility would auction four-month loans each week secured by a broader range of assets, including business loans and mortgages.

新的定期流动性工具将每周拍卖四个月的贷款，由更广泛的资产担保，包括商业贷款和抵押贷款。

Accepting those assets would help community and regional banks participate.

接受这些资产将有助于社区和区域银行参与。

The discount window, the Fed’s longstanding lending channel, would remain available for emergencies requiring closer supervision.

贴现窗口是美联储长期的贷款渠道，在需要更密切监管的紧急情况下仍将可用。

Reliable borrowing must be matched by reforms that reduce banks’ need to hold reserves.

可靠的借贷必须与减少银行持有准备金需求的改革相匹配。

For term borrowing, banks would pledge eligible assets to the Fed in advance and regularly test their ability to borrow.

对于定期借款，银行会提前向美联储质押符合条件的资产，并定期测试其借款能力。

Liquidity regulation, the rules governing banks’ cash buffers, would recognize this dependable access to funds.

流动性监管，即管理银行现金缓冲的规则，将承认这种可靠的资金获取方式。

Payment systems would offset transactions before settlement, reducing the reserves banks need.

支付系统将在结算前抵消交易，减少银行所需的准备金。

Further changes would help reserves circulate and limit disruptions from the Treasury’s account at the Fed .

进一步的变化将有助于储备流通并限制财政部在美联储账户的干扰。

The proposal draws on the Bank of England’s approach and the Fed’s own Term Auction Facility, launched in 2007, which lent to hundreds of institutions during the financial crisis without credit losses.

该提案借鉴了英格兰银行的做法以及美联储于 2007 年启动的定期拍卖机制，该机制在金融危机期间向数百家机构提供了贷款，没有造成信用损失。

The report outlines an illustrative path from a balance sheet of roughly $6.7 trillion to around $4.5 trillion.

该报告概述了从大约 6.7 万亿美元的资产负债表到大约 4.5 万亿美元的说明性路径。

The eventual size would depend on banks’ actual needs.

最终规模将取决于银行的实际需求。

Getting there would require that dependable access to reserves and lower reserve demand develop together.

要实现这一目标，需要可靠地获取储备和降低储备需求共同发展。

The Fed’s balance-sheet policy task force offers an opportunity to develop and build the kind of system presented here.

美联储的资产负债表政策工作组为开发和建立此处介绍的系统提供了机会。