We estimate the effects of the liquidity coverage ratio (LCR), a liquidity requirement for banks, on the tenders that banks submit in Term Deposit Facility operations, a Federal Reserve tool created to manage the quantity of central bank reserves. We identify these effects using variation in LCR requirements across banks and a change over time that allowed term deposits to count toward the LCR. Banks subject to the LCR submit tenders more often and submit larger tenders than exempt banks when term deposits qualify for the LCR. These results suggest that liquidity regulation affects bank demand in monetary policy operations.

中文翻译：

---

货币政策操作中流动性监管对银行需求的影响

我们估计流动性覆盖率（LCR）（对银行的流动性要求）对银行在定期存款基金操作中提交的投标的影响，该投标是为管理中央银行储备数量而创建的美联储工具。我们使用各银行对LCR要求的变化以及允许定期存款计入LCR的时间变化来识别这些影响。当定期存款符合LCR要求时，受LCR约束的银行与免税银行相比，投标的频率更高，投标数量也更大。这些结果表明，流动性监管影响货币政策操作中的银行需求。