Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264566 
Authors: 
Year of Publication: 
2022
Citation: 
[Journal:] Metroeconomica [ISSN:] 1467-999X [Volume:] 73 [Issue:] 3 [Publisher:] Wiley Periodicals, Inc. [Place:] Hoboken, USA [Year:] 2022 [Pages:] 734-769
Publisher: 
Wiley Periodicals, Inc., Hoboken, USA
Abstract: 
The present stock‐flow consistent model aims at capturing the second causal link of endogenous monetary theory, from deposits to reserves, by including intrasectoral flows within the banking sector and debt maturity structure decisions. For this purpose, banks can choose the demanded duration of interbank loans, either overnight or term, according to a measure for maturity mismatch which captures funding liquidity risk. The simulations show that: (i) a well‐functioning term interbank market is needed when banks face exogenous shocks; and (ii) banks' funding structure may act as an endogenous source of credit market pressures.
Subjects: 
interbank market
monetary policy
rollover risk
stock‐flow consistent models
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Article
Document Version: 
Published Version

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