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An Exploration on Interbank Markets and the Operational Framework of Monetary Policy in Colombia

Camilo
González
Luisa Fernanda
Silva-Escobar
Carmiña Ofelia
Vargas-Riaño
Andrés M.
Velasco
Domingo, 1 Septiembre 2013

We set a dynamic stochastic model for the interbank daily market for funds in Colombia. The framework features exogenous reserve requirements and requirement period, competitive trading among heterogeneous commercial banks, daily open market operations he