Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 19, 2023 erstellt
Beschreibung:
I develop a new Keynesian model in which the central bank manages an overnight reverse repo facility, provides collateralized lending through a discount window facility, and can independently affect the quantity of reserves and the level of interest rates. Three different sets of policy rules are tested in simulation exercises. I show that rules which actively manage the interest rates of the standing facilities provide superior stabilization results over a rule which directly targets the interbank rate as in the standard new Keynesian model