Why Did the Banks Overbid? An Empirical Model of the Fixed Rate Tenders of the European Central Bank.

This paper test stwo hypotheses for the overbidding behavior of the banks in the fixed rate tenders conducted by the European Central Bank from January 1999 until June 2000. One hypothesis attributes the overbidding to expectations of a future tightening of monetary policy, while the other attributes it to the liquidity allotment decisions of the ECB.

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Year of publication:	2001
Authors:	Ayuso, J. ; Repullo, R.
Subject:	CENTRAL BANKS \| MONETARY POLICY \| EXPECTATIONS

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Type of publication:	Book / Working Paper
Notes:	25 pages
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies ; D44 - Auctions
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005657334