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Mr. Bruce J. Summers

opportunity cost of central bank money during the day. Supply policies may even be designed to produce particular levels of, or to place bounds on, the intraday opportunity cost of balances that are independent of the level of demand. Indeed, a supply policy of reducing the intraday opportunity cost of central bank money to approximately zero by accommodating all demand (without charge) would presumably eliminate this cost as an influence on the choice between real-time gross settlement and multilateral net settlement systems. Monetary Regulations At least three