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dc.contributor.authorBerentsen, Aleksanderen_US
dc.contributor.authorMarchesiani, Alessandroen_US
dc.contributor.authorWaller, Christopher Judeen_US
dc.date.accessioned2010-11-25en_US
dc.date.accessioned2011-06-29T11:15:23Z-
dc.date.available2011-06-29T11:15:23Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/46318-
dc.description.abstractAn 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.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper: Monetary Policy and International Finance 3251en_US
dc.subject.jelE52en_US
dc.subject.jelE58en_US
dc.subject.jelE59en_US
dc.subject.ddc330en_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordopen marketen_US
dc.subject.keywordoperationsen_US
dc.subject.keywordstanding facilitiesen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwOffenmarktpolitiken_US
dc.subject.stwMindestreservepolitiken_US
dc.subject.stwZinsstrukturen_US
dc.subject.stwWirkungsanalyseen_US
dc.subject.stwGeldmarkten_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwTheorieen_US
dc.subject.stwEU-Staatenen_US
dc.titleChannel systems: Why is there a positive spread?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn640580319en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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