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It issues deposits (D) and maintains a portfolio of assets that consist of retail loans (L), wholesale loans to financial firms (F), required reserves (given by qD, where q is the required reserve ratio), and excess reserves (X).
The bank receives interest revenue from retail loans at the market loan rate (rL) and wholesale loans at the federal funds rate (rF), with the latter rate exogenously determined by the Federal Reserve.2 The bank receives payments from the Fed based upon interest rates the Fed sets on excess reserves (rX, or IOER) and on required reserves (rQ, or IORR).
In addition to paying interest on deposits at the market deposit rate (rD), the bank incurs quadratic costs from expenses associated with managing retail loans, wholesale loans, excess reserves, and deposits, where variable costs of in managing required reserves are
First, the resource cost parameters for wholesale loans (v) and excess reserves (ϕ) are assumed to be nonzero but small, especially relative to those for retail loans (α) and deposits (δ).
The authors argue that in managing wholesale loans, banks incur resource costs analogous to, albeit smaller than, expenses that they incur in
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