Major central banks remunerate reserves at negative interest rates and it is increasingly likely that they will keep rates negative for many more years. To study the long run implications of negative rates, we construct a dynamic general equilibrium model with commercial banks funding investment...

Money market and economic growth nexus has been debated in the literature. This paper therefore re-examines money market impact on economic growth in Nigeria using quarterly data from 2000Q1 to 2018Q4. It utilised the structural vector autoregressive (SVAR) model framework to generate the...

We develop a quantity-driven general equilibrium model that integrates the term structure of interest rates with the repurchase agreements (repo) market to shed light on the combined effects of quantitative easing (QE) on the bond and money markets. We characterize in closed form the endogenous...