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The Determination of Monetary Aggregates and Interest Rates

Author

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  • Mitsuru Iwamura

    (Manager and Senior Economist, Research Division 1, Institute for Monetary and Economic Studies, Bank of Japan)

Abstract

This paper is concerned with a perfectly competitive equilibrium model of the money market under the assumption of increasing marginal costs for both deposits and loans. This model illustrates a determination mechanism of monetary aggregates and interest rates. As this novel assumption of increasing marginal costs is not widely adopted in the literature, this paper discusses, at some length, how marginal costs can be considered to increase with the size of deposits by employing the results from the queuing theory.

Suggested Citation

  • Mitsuru Iwamura, 1992. "The Determination of Monetary Aggregates and Interest Rates," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 10(1), pages 65-93, February.
    • Handle: RePEc:ime:imemes:v:10:y:1992:i:1:p:65-93
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    File URL: http://www.imes.boj.or.jp/research/papers/english/me10-1-5.pdf
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    Cited by:

    1. James E. Prieger, 2005. "Estimation of a Simple Queuing System WithUnits-in-Service and Complete Data," Working Papers 535, University of California, Davis, Department of Economics.
    2. de Brouwer,Gordon, 1999. "Financial Integration in East Asia," Cambridge Books, Cambridge University Press, number 9780521651486.
    3. James E. Prieger, 2005. "Estimation of a Simple Queuing System WithUnits-in-Service and Complete Data," Working Papers 37, University of California, Davis, Department of Economics.
    4. Kunio Okina, 1993. "Market Operations in Japan: Theory and Practice," NBER Chapters, in: Japanese Monetary Policy, pages 31-62, National Bureau of Economic Research, Inc.

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