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اقتصاد::
غیرمنفی
The bank diversifies across a positive mass of depositors, exploiting the law of large numbers, and must earn a nonnegative expected return, i.e.
The retail bank must also satisfy the nonnegativity constraints kr, c, dr, br, m ≥ 0.
subject to the nonnegative present-value payoff constraint
and nonnegativity constraints ku, br, du, bu, bu − π br ≥ 0.
That is, no matter how large the central bank's balance sheet in this equilibrium, the central bank makes zero profits when issuing reserves, and makes nonnegative profits when issuing
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