Abstract Starting from some of the most recent literature developed after the world financial crisis, it has been developed a model with heterogeneous agents and an active interbank market, characterized by an endogenous default probability. The key feature of the analysis is that the...

Abstract Starting from some of the most recent literature developed after the world financial crisis, it has been developed a new-Keynesian DSGE model with heterogeneous agents and an active interbank market, characterized by an endogenous default probability. The key feature of the analysis is...

We developed a new-Keynesian DSGE model with heterogeneous agents and an active interbank market, characterized by an endogenous default probability. Banks are heterogeneous in the sense that they face, each period, different liquidity shocks and may or not be constrained in the total amount of...