Channel systems: Why is there a positive spread?

Arbeitspapier

An increasing number of central banks implement monetary policy via two standing facilities: a lending facility and a deposit facility. In this paper we show that it is socially optimal to implement a non-zero interest rate spread. We prove this result in a dynamic general equilibrium model where market participants have heterogeneous liquidity needs and where the central bank requires government bonds as collateral. We also calibrate the model and discuss the behavior of the money market rate and the volumes traded at the ECB's deposit and lending facilities in response to the recent financial crisis.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CESifo Working Paper ; No. 3251

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Policy ; Central Banks and Their Policies ; Monetary Policy, Central Banking, and the Supply of Money and Credit: Other
• Thema: monetary policy ; open market ; operations ; standing facilities ; Geldpolitik ; Offenmarktpolitik ; Mindestreservepolitik ; Zinsstruktur ; Wirkungsanalyse ; Geldmarkt ; Finanzmarktkrise ; Theorie ; EU-Staaten

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Berentsen, Aleksander ; Marchesiani, Alessandro ; Waller, Christopher Jude
• Ereignis: Veröffentlichung
• (wer): Center for Economic Studies and ifo Institute (CESifo)
• (wo): Munich
• (wann): 2010

Weitere Informationen

• Handle: http://hdl.handle.net/10419/46318
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ