Abstract While it is too early to draw any firm conclusions regarding the optimal design of long-term monetary policy operational frameworks, the decision taken by the US Fed in January 2019 to continue operating with ample reserves in a so-called floor(s) system, rather than returning to a pre-crisis-type corridor, provides an interesting case study. Our take-away from comparing the Fed’s and the Eurosystem’s perspectives is that, in some contrast to the apparent simplicity of a floor system, both configurations actually require a close monitoring of the money market, some balance-sheet actions and unavoidable policy choices, in particular regarding the elasticity of liquidity provision.

中文翻译：

---

新金融环境下的货币政策操作框架是什么？美联储与欧元体系观点的比较，2007-2019

摘要 虽然现在就长期货币政策操作框架的优化设计得出任何确切结论还为时过早，但美联储于 2019 年 1 月决定继续在所谓的下限系统中以充足的储备运作，而不是回到危机前类型的走廊，提供了一个有趣的案例研究。通过比较美联储和欧元体系的观点，我们得出的结论是，与地板系统的明显简单性形成鲜明对比的是，这两种配置实际上都需要密切监控货币市场、一些资产负债表行动和不可避免的政策选择，在特别是关于流动性供给的弹性。