We thank an anonymous referee for very helpful comments and suggestions. We are also grateful to Viral Acharya, Adam Ashcraft, Arturo Estrella, Falko Fecht, Stefan Gerlach, Marvin Goodfriend, Ping He, Don Morgan, Alexandra Niessen, George Pennacchi, Rafael Repullo, David Skeie, and Javier Suarez for helpful comments as well as seminar participants at the Second Financial Intermediation Research Society Conference on Banking, Corporate Finance and Intermediation, CEMFI, Deutsche Bundesbank, “The Credit Channel of Monetary Policy in the 21st Century” Conference organized by the Federal Reserve Bank of Atlanta, Federal Reserve Bank of New York, 22nd Congress of the European Economic Association, “Banking and the Macroeconomy” conference organized by the CEPR and CER-ETH, “Banking and Asset Markets” conference organized by the CEPR, Banque de France and Fondation Banque de France, “The Implications of Changes in Banking and Financing for the Monetary Policy Transmission Mechanism” conference organized by the European Central Bank, and the Midwest Finance Association 57th Annual Meeting for discussions and comments. Financial support from the Spanish Ministry under grant SEJ2005-03924 is gratefully acknowledged by the first author, and Centro de Estudos Macroeconómicos e Previsão (CEMPRE) is a research centre supported by Fundação para a Ciência e a Tecnologia, which is financed by Portuguese Government funds and by European Union funds, within the framework of Programa Operacional Ciência e Inovação 2010. Financial support from Fundação para a Ciência e a Tecnologia-Programa Praxis XXI - III Quadro Comunitário de Apoio, sponsored by the European Social Fund together with Ministério da Ciência, Tecnologia e Ensino Superior (BD/15698/98) is gratefully acknowledged by the second author.
The Role of Interbank Markets in Monetary Policy: A Model with Rationing
Version of Record online: 12 AUG 2008
© 2008 The Ohio State University
Journal of Money, Credit and Banking
Volume 40, Issue 6, pages 1151–1176, September 2008
How to Cite
FREIXAS, X. and JORGE, J. (2008), The Role of Interbank Markets in Monetary Policy: A Model with Rationing. Journal of Money, Credit and Banking, 40: 1151–1176. doi: 10.1111/j.1538-4616.2008.00152.x
- Issue online: 12 AUG 2008
- Version of Record online: 12 AUG 2008
- Received February 13, 2007; and accepted in revised form January 9, 2008.
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