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The Use of Reserve Requirements in an Optimal Monetary Policy Framework

Hernando
Vargas-Herrera
Pamela Andrea
Cardozo-Ortiz
Domingo, 1 Julio 2012

We analyse three models to determine the conditions under which reserve requirements are used as a part of an optimal monetary policy framework in an inflation targeting regime. In all cases the Central Bank (CB) minimizes an objective function that depen