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It also sketches how the corresponding model of bank behavior can be ex- tended to allow for interbank borrowing and lending along with market-clearing in the interbank loan market.
Given behavior in the interbank loan market, the IOER has consistently exceeded the federal funds rate as a result.1
Section 5 provides a straightforward extension of the above model to consider interbank borrowing and lending along with clearing in the interbank loan market.
It shows that with the presence of government-sponsored enterprises (GSEs) which do not receive interest from the Fed on their reserves, under a federal funds rate target market-clearing with interbank loans can readily take place in either regime.
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.
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