... determined, and subject to change, daily There were two call-loan rates, the rate on new loans (the “new rate ) and the rate on renewal of existing loans (the “renewal rate ) The renewal rate was by far ... traditionally set their own money-market rates (examples: Bank Rate of the Bank of England, discount rates of the Federal Reserve banks, federal-funds target rate of the Fed) These rates have a profound ... interest rate are listed in Table 12, columns 1-2 For the call-loan interest rate, the renewal rate is the obvious preferred rate concept (see section A. 2 .a) , and it is adopted for What Was the...