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Retail Sweep Programs and Bank Reserves

Version
v0
Resource Type
Dataset : survey data
Creator
  • Anderson, Richard G. (Federal Reserve Bank of St. Louis)
  • Rasche, Robert H. (Michigan State University)
Other Title
  • Archival Version (Subtitle)
Publication Date
2001-04-02
Language
English
Free Keywords
banking; banks; computer programs; computer software; financial institutions
Description
  • Abstract

    Since January 1994, the Federal Reserve Board has permitted depository institutions in the United States to implement so-called "retail sweep programs." The essence of these programs is computer software that dynamically reclassifies customer deposits from transaction accounts, which are subject to statutory reserve-requirement ratios as high as 10 percent, to money market deposit accounts, which have a zero ratio. Through the use of such software, hundreds of banks have sharply reduced the amount of their required reserves. In many cases, this new lower requirement places no constraint on the bank because it is less than the amount of reserves (vault cash and deposits at the Federal Reserve) that the bank requires for its ordinary day-to-day business. In the terminology introduced by the authors in a previous article (see MEASURING THE ADJUSTED MONETARY BASE IN AN ERA OF FINANCIAL CHANGE [ICPSR 1169]), such deposit-sweeping activity has allowed these banks to become "economically nonbound" and has reduced to zero the economic burden ("tax") due to statutory reserve requirements. In this analysis, the authors examine a large panel of United States banks and develop quantitative estimates of the impact of sweep software programs on the demand for bank reserves.
  • Table of Contents

    Datasets:

    • DS1: Dataset
Geographic Coverage
  • United States
Collection Mode
  • (1) The files submitted are the data file, 0101rad.xls, and the program file, 0101rap.prg. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigators if further information is desired.

Availability
Delivery
This version of the study is no longer available on the web. If you need to acquire this version of the data, you have to contact ICPSR User Support (help@icpsr.umich.edu).
Alternative Identifiers
  • 1236 (Type: ICPSR Study Number)
Relations
  • Is previous version of
    DOI: 10.3886/ICPSR01236.v1
Publications
  • Anderson, Richard G., Rasche, Robert H.. Retail sweep programs and bank reserves. Federal Reserve Bank of St. Louis Review.83, (1), 51-72.2001.
  • Anderson, Richard G., Rasche, Robert H.. Measuring the adjusted monetary base in an era of financial change. Federal Reserve Bank of St. Louis Review.78, (6), 3-37.1996.

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-15

Anderson, Richard G.; Rasche, Robert H. (2001): Retail Sweep Programs and Bank Reserves. Archival Version. Version: v0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/ICPSR01236