Champ, Bruce Alan (contributor); Wallace, Neil (contributor) - 2003 - [Elektronische Ressource]
central-bank discount window that makes loans on demand at an interest rate
equal to the tax rate subject to a collateral … cost. Therefore, such a system produces a perfectly elastic
supply of money at an interest rate (on safe loans) equal to … is indifference between issuing and not issuing notes does not
pin down a market interest rate.
We first describe the …