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

Borradores de Economia
Number: 
782
Published: 
Classification JEL: 
E44, E52, G21
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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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