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حوالهی یکجا
I show that a policy of loans to banks is equivalent to a combination of asset purchases and a lump-sum transfer to banks subject to runs (which can be interpreted as partial deposit insurance or an equity injection) financed by lump-sum taxes on depositors.
For households, the objective function is unchanged, but the budget constraint at t = 2 is slightly different because it now includes lump-sum transfers from the central bank.
equilibrium in which: (i) households' decisions are the same; (ii) the central bank injects the same amount of money μ0M using asset purchases and provides a lump-sum transfer τ2 (μ0) to all banks subject to runs at t = 1; and (iii) lump-sum transfers πCB from the central bank to households are
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