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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.
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.
Our analysis now examines interbank borrowing, lending, and market-clearing.
With this extended model, we can now examine interbank lending behavior and market-clearing under each regime.
The market-clearing condition for interbank loans implies that
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