Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/46318 
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dc.contributor.authorBerentsen, Aleksanderen
dc.contributor.authorMarchesiani, Alessandroen
dc.contributor.authorWaller, Christopher Judeen
dc.date.accessioned2010-11-25-
dc.date.accessioned2011-06-29T11:15:23Z-
dc.date.available2011-06-29T11:15:23Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3251en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.jelE59en
dc.subject.ddc330en
dc.subject.keywordmonetary policyen
dc.subject.keywordopen marketen
dc.subject.keywordoperationsen
dc.subject.keywordstanding facilitiesen
dc.subject.stwGeldpolitiken
dc.subject.stwOffenmarktpolitiken
dc.subject.stwMindestreservepolitiken
dc.subject.stwZinsstrukturen
dc.subject.stwWirkungsanalyseen
dc.subject.stwGeldmarkten
dc.subject.stwFinanzmarktkriseen
dc.subject.stwTheorieen
dc.subject.stwEU-Staatenen
dc.titleChannel systems: Why is there a positive spread?-
dc.typeWorking Paperen
dc.identifier.ppn640580319en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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