Summary of Quantitative Tightening and Reserves Workshop

Paula Bejarano Carbo and Francis Breedon

National Institute of Economic and Social Research (NIESR) Topical Briefings, 2023, issue 8

Abstract: Now that QT has commenced, what have we learnt so far about the appropriate speed, market reaction? At what level of reserves relative to GDP should we think of as the target in some broad sense? Do losses for the APF matter for monetary and fiscal policy setting? What are the arguments for continuing to pay Bank rate on all reserves? If we wanted to move to a system of tiered reserves, how would that affect the Bank of England's monetary operating policy?

Date: 2023-03
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