... in a life-cycle model, National Bank of Poland, mimeo Saunders, A. , Schumacher, L., 2000 The determinants of bank interest rate margins: An international study Journal of International Money and ... herein are those of the authors and not necessarily those of the National Bank of Poland Michal Rubaszek at National Bank of Poland, 00-919 Warszawa, ul Świętokrzyska 11/21, Poland and Warsaw School ... rate This further leads to a contraction in demand for credit In our model a change of ρ from 0.96 to 0.98 leads to a decrease of the capital-output ratio from 2.643 to 2.543 and an increase of...