and underbidding are studied.
JEL classification: E52; E58; E43.
Keywords: Money markets; EONIA rate; Liquidity effect … systematically throughout the reserve maintenance period. Therefore, the
short-term money market does not contain clear arbitrage … a general analysis of money markets. More specifically, Cassola
and Morana (2003 and 2004) and Cassola and Moschitz …