Bindseil, Ulrich; Camba-Mendez, Gonzalo; Hirsch, Astrid; … - 2021
impact that changes to the operational framework for monetary policy implementation have on the level and volatility of …This paper explains to what extent excess reserves are and should be relevant today in the implementation of monetary … policy, focusing on the specific case of the operational framework of the Eurosystem. In particular, this paper studies the …