Skip navigation
User training | Reference and search service

Library catalog

Content aggregators
Please use this identifier to cite or link to this item:

Title: Modelling the central bank repo rate in a dynamic general equilibrium framework
Authors: Leão, E. R.
Leão, P. R.
Keywords: Dynamic general equilibrium
Central bank repo rate
Currency–deposits ratio
Required reserve ratio
Composition of investment expenditure
Issue Date: 2007
Publisher: Elsevier
Abstract: This paper incorporates two components of a modern monetary system into a standard real business cycle model: a central bank which lends reserves to commercial banks and charges a repo interest rate; and banks which make loans under a fractional reserve system and thereby create money. We examine the response of our model to shocks in the monetary base, in the currency-deposits ratio and in the required reserve ratio. Our main finding is that all these monetary shocks lead to changes in the composition of total investment between the banking and the non-banking sectors.
Peer reviewed: yes
DOI: 10.1016/j.econmod.2006.12.003
ISSN: 0264-9993
Accession number: WOS:000246314000002
Appears in Collections:DE-RI - Artigos em revistas internacionais com arbitragem científica

Files in This Item:
File Description SizeFormat 
ECMODE-D-05-00045.pdfPós-print2.13 MBAdobe PDFView/Open

FacebookTwitterDeliciousLinkedInDiggGoogle BookmarksMySpace
Formato BibTex MendeleyEndnote Currículo DeGóis 

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.