@article{Implementation:787,
      recid = {787},
      author = {Clinton, Kevin},
      title = {Implementation of Monetary Policy in a Regime with Zero  Reserve Requirements},
      publisher = {Bank of Canada},
      address = {1997},
      pages = {1 online resource (25 pages)},
      abstract = {Monetary policy can be implemented effectively without  reserve requirements as long as cost incentives ensure a  predictable demand for settlement balances. A central bank  can then achieve the level of short-term interest rates  that it desires, using market-oriented instruments only. In  Canada, the framework provided by rules on interbank  payments settlement and by the costs of deficits and  surpluses on settlement accounts provides a strong  incentive for the banks and other clearing institutions to  target zero balances. Reforms of this framework, to follow  the introduction of the Large-Value Transfer System, will  ensure its continued effectiveness and make it more  transparent. An appendix outlines the process by which  reserve requirements were phased out in Canada.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/787},
      doi = {https://doi.org/10.34989/swp-1997-8},
}