English, Article, Journal or magazine article edition: Optimal Monetary Policy in a Channel System of Interest-Rate Control Aleksander Berentzen; Cyril Monnet

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Bookmark: http://trove.nla.gov.au/version/30240
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Optimal Monetary Policy in a Channel System of Interest-Rate Control
Author
  • Aleksander Berentzen
  • Cyril Monnet
Physical Description
  • preprint
Notes
  • This paper studies optimal interest-rate policies when the central bank operates a channel system of interest-rate control. We conduct our analysis in a dynamic general equilibrium model with infinitely-lived agents who are subject to idiosyncratic trading shocks which generate random liquidity needs. In response to these shocks agents either borrow against collateral or deposit money at the central bank at the specified rates. We show that it is optimal to have a strictly positive interest-rate corridor if the opportunity cost of holding collateral is strictly positive and that the optimal corridor is strictly decreasing in the collateral's real return
  • Optimal Monetary Policy, Channel System, Interest Rate Rule, Essential Money
  • RePEc:red:sed006:572
Language
  • English
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