Multiple equilibrium overnight rates in a dynamic interbank market game / Jens Tapking. [recurso electrónico]
Tipo de material:
TextoSeries Discussion paper (Deutsche Bundesbank). Series 1: Studies of the Economic Research Centre ; no. 04/03Detalles de publicación: Frankfurt am Main : Deutsche Bundesbank, 2003Descripción: 1 recurso en línea (34 p.)ISBN: - 393582145X
- 332.1094 21
| Tipo de ítem | Biblioteca actual | Signatura topográfica | Estado | Fecha de vencimiento | Código de barras | |
|---|---|---|---|---|---|---|
Libro electrónico
|
Biblioteca Manuel Belgrano | Recurso en línea (Navegar estantería(Abre debajo)) | Disponible |
Bibliografía: p. 28-29.
We analyse a two period model of the interbank market, i.e. the market at which banks trade liquidity. We assume that banks do not take the inter- bank interest rate as given, but multilaterally negotiate on interest rates and transaction volumes. The solution concept applied is the Shapley value. We show that there is a multiplicity of average equilibrium interest rates of the first period so that the average interest rate in this period does not convey any information on the expected liquidity situation at the interbank market.
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