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Journal of money, credit and banking, 1987-08, Vol.19 (3), p.326-339
Ort / Verlag
Columbus: Ohio State University Press
Erscheinungsjahr
1987
Quelle
Alma/SFX Local Collection
Beschreibungen/Notizen
Introduction of competitive interest rates on deposits is shown to affect the optimal decisions of banks by altering their optimal forecast of the federal funds rate. The movement toward competitive deposit rates increases the size of the monetary base necessary for the Fed to maintain its deposit targets when deposits and the monetary base are substitutes. In addition there is less uncertainty in the federal funds market under competitive deposit rates when deposits and the monetary base are substitutes, and the source of uncertainty is not from the supply of deposits. (Printed by permission of the publisher.)