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, among others (at least prior to the financial crisis) the central bank targets an overnight nominal interest rate, which is bounded by a rate of interest on central bank lending and a rate of interest on deposits at the central bank.
Though the structure of short-term nominal interest rates in the U.S. under a floor system can be attributed to idiosyn- cracies of the U.S. financial system (see Afonso et al.
An increase in the central bank's target nominal interest rate acts to cause substitution from currency to reserves.
In contrast, in our model negative central bank profits can arise when nominal interest rates are low, with no maturity mismatch.
And, since issuing currency yields lower central bank profits when nominal interest rates are low, a
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