… in the interbank market and establishes its crucial role in the microfoundations of the monetary
policy transmission mechanism. We show that interbank market imperfections induce an …

… based model of the interbank market with … rules and depend on past performance of the
benchmark risk factors and interest rates. Our model confirms basic stylized facts of the interbank …

… We analyze the impact of overnight interbank market frictions … for monetary policy
implementation. Sufficiently pronounced … interbank market may induce the rationing of firms in …

… Interbank markets play a pivotal role in the financial system, facilitating smooth payment
settlements and effective monetary policy … and inventories, consumers are rationed accordingly. …

… neediest parts of the financial system via open market operations, the discount … ration lending
and instead purchase assets from needy banks, an inefficiency more acute during financial …

… of monetary policy in steering money market rates during the crisis. For this purpose, we …
Banks that are rationed in the interbank money market rely to a larger extent on the primary …

… Interbank markets are the main instrument for the transmission of monetary policy targets
from … These authors note the insurance role of interbank markets against idiosyncratic liquidity …

… This paper explores the proposition that monetary policy should account for financial stability
… The quantity of funds that lenders will provide to all borrowers will consequently be rationed …

… Therefore, it is paramount to understand how the interbank market can mitigate or amplify …
monetary policy and financial stability, there is little empirical research on the interbank market, …

… the role of borrower-level risk for the extensive and intensive margin of credit during crises
times… Finally, we analyze the role of nonstandard monetary policy in affecting the interbank …