Which of the following is NOT considered an unconventional monetary policy tool?

In the context of unconventional monetary policy tools, reserve requirements are not considered unconventional. Traditional monetary policy typically involves adjusting the reserve requirements, which are the minimum amounts of reserves banks must hold against deposits. This method is a standard tool utilized by central banks to influence the amount of money available in the economy and the ability of banks to lend.

In contrast, other options such as quantitative easing, policy duration commitments, and credit easing are aimed at stimulating the economy during times when conventional monetary policy tools (like lowering interest rates) become ineffective, particularly when interest rates are already near zero. Quantitative easing involves the central bank purchasing longer-term securities to increase the money supply and encourage lending and investment. Policy duration commitments refer to the central bank's commitment to maintain low interest rates for an extended period, providing certainty to markets and influencing expectations. Credit easing, meanwhile, focuses on improving conditions in specific credit markets, allowing for better access to credit, especially during periods of financial stress.

The distinction between conventional and unconventional tools hinges on the economic conditions and the effectiveness of traditional tools at the time, making reserve requirements distinctly conventional. This understanding helps clarify the nature of monetary policy measures implemented by central banks.