零准备金制度下商业银行储备管理行为

通过建立商业银行储备管理的一般均衡模型，对有准备金制度和零法定准备金制度下的商业银行的储备管理行为进行了对比研究。结果表明，与有法定准备金制度相比，在零准备金制度和利率走廊调控模式下，商业银行的储备管理决策变得相对简单，其储备需求也更为稳定和具有可测性，因此避免了市场拆借利率的过度波动，井给中央银行的货币政策操作提供了更大的实施空间。

Behavior of Bank Reserve Management Under Zero Reserve Requirement System

In this paper,the different behaviors of bank reserve management were analyzed by using two general equilibrium models.After comparing the regular reserve decision of bank under different reserve requirements,it was showed that there were some differences in zero reserve requirement and interest rate corridor,in details,which was simpler and more efficient for bank to make decision of reserve management and more helpful to avoid the volatility of overnight rate,moreover,it provided more room for central bank to implement monetary policy.