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3In the model, loans provided by the central bank to private banks have the same seniority as deposits.
I assume that the loans have the same seniority as deposits; that is, if a bank goes bankrupt at t = 2, households and the central bank earn the same recovery rate on their lending to the bank.
That is, this policy is equivalent to loans to banks that have the same seniority as deposits minus the transfer τ2 (μ0), which is in turn equivalent to asset purchases.
Thus, loans to banks with the same seniority as deposits resemble the AMLF along some dimensions.
Loans to banks with the same seniority as deposits are more effective at eliminating panics than as- set purchases are, in the sense that they require smaller monetary injections.
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