the reserve maintenance period is outlined in figure 2. The objective function for bank
j is
max
{B
j
t
}
T
t=1
E
1
"
T
X …
s−1
X
j=s−m
af
j
−E
s−8
s−1
X
j=s−m
af
j
(10)
with m =min{7,s−1} and n =min{6,T−t} and for all s ∈ S. At the …
[er
s+m
(i
∗
s
)]−er
∗
s
)+rr (11)
+E
s−1
1
n
s+n
X
j=s
af
j
−E
s−1
1
n
s+n
X
j=s
nsf
j
−ltro−fto.
excess …