Recently published: “Reserve Requirements and Optimal Chinese Stabilization Policy”

Published in May 2019 Journal of Monetary Economics, by San Francisco Fed’s Zheng Liu and Mark M. Spiegel, with coauthors Chun Chang and Jingyi Zhang. See more research by Zheng Liu and Mark Spiegel.

The Federal Reserve Bank of San Francisco (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.