1
اقتصاد::
اوراق دولتی
The fiscal authority issues one-period nominal government bonds, each of which sells for zb units of money in the CM and is a claim to one unit of money in the next CM.
A type b seller will accept currency or government bonds, as he or she is capable of evaluating only these assets.
Finally, a type a seller can evaluate all types of collateral - currency, government bonds, and reserves, as well as financial intermediary liabilities backed by these assets.
Transactions with type b sellers can be interpreted as repurchase agreements, but in the model it is equivalent for the seller to receive government bonds in exchange for goods.
The retail bank takes in deposits, borrows on the interbank market, and invests in a portfolio of currency, government bonds, and reserves.
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