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The Effects of Liquidity Regulation on Monetary Policy Implementation

We estimate the effects of the liquidity coverage ratio (LCR), a liquidity requirement for banks, on their decisions to submit tenders in Term Deposit Facility operations, a Federal Reserve tool created to control interest rates. We identify these effects using variation in LCR requirements based on bank assets and between domestic and foreign banks and a change over time that allowed term deposits to count towards the LCR. We find that banks subject to the LCR submit tenders more often than exempt banks when term deposits count towards the LCR. This result suggests that liquidity regulation affects monetary policy implementation. JEL Codes: E52, E58, G21, G28