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وام دهی بین بانکی
Correspondingly, during this period actual holdings of excess reserves relative to total assets by U.S. banks were miniscule and a large magnitude of interbank lending occurred.
Given behavior in the interbank loan market (which we discuss further in section 5), this policy rule has resulted in the IOER exceeding the federal funds rate.4 Consistent with the model's prediction that the F = 0 regime emerges in this situation, interbank lending dropped sharply during the post-October 2008 period, while bank holdings of excess reserves increased substantially.
We change the latter assumption in section 5, when we examine equilibrium within the interbank lending market.
Interbank lending and market clearing
With this extended model, we can now examine interbank lending behavior and market-clearing under each regime.
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