王晋斌：美联储货币政策操作框架新演进

Core Viewpoint - The Federal Reserve's monetary policy framework has evolved into a simplified structure that includes an ample reserves framework, a "dual lower bound" for interest rates, and a "single upper bound" for interest rates, aimed at managing market liquidity and interest rates effectively [2][11]. Group 1: Monetary Policy Framework - The Federal Reserve's monetary policy operates under an ample reserves framework, which maintains liquidity in the financial system and allows for the separation of liquidity and interest rate management [2][11]. - The framework includes a policy interest rate range, currently set between 4.0% and 4.25%, with the interest on reserve balances (IORB) and reverse repurchase agreement (RRP) rates establishing the lower bounds for bank and market interest rates, respectively [11]. - The standing repurchase facility (SRF) rate sets the upper limit for policy rates, helping to prevent the effective federal funds rate (EFFR) from exceeding the target range [11]. Group 2: Tools for Managing Liquidity - The primary tools for managing liquidity include the reserve requirement ratio, reverse (or regular) repos, and the standing repurchase facility (SRF) [3][4][5]. - The reserve requirement ratio determines the extent to which commercial banks can expand credit; a higher ratio indicates reduced lending capacity, while a lower ratio allows for credit expansion [3]. - Reverse repos are used to withdraw excess liquidity from the market by exchanging securities for cash, while regular repos serve the opposite function [4]. - The SRF, created in July 2021, provides short-term liquidity to eligible financial institutions during times of market stress, acting as an emergency liquidity tool [5][8]. Group 3: Interest Rate Management - The IORB and RRP rates together establish a lower bound for overnight interest rates, ensuring that the EFFR does not fall below the Federal Open Market Committee's target range [6][7]. - The RRP rate serves as a market interest rate floor for institutions that do not qualify for IORB, providing a risk-free investment alternative [6]. - The SRF acts as an upper limit for borrowing costs from the Federal Reserve, preventing short-term interest rate spikes from affecting the federal funds market [8].