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Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System

Eichengreen, Barry - C.E.P.R. Discussion Papers - 1991

Important questions concerning the structure and operation of a European Central Bank remain unanswered. Although there …

Persistent link: https://www.econbiz.de/10005791345

Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations

Bindseil, Ulrich; Nyborg, Kjell G; Strebulaev, Ilya - C.E.P.R. Discussion Papers - 2004

Repo auctions are multiunit auctions regularly used by central banks to inject liquidity into the banking sector. Banks …. Using a bidder level dataset of the European Central Bank’s main repo auctions, however, we find evidence that the economic …

Persistent link: https://www.econbiz.de/10005067452

A Model of the Open Market Operations of the European Central Bank

Ayuso, Juan; Repullo, Rafael - C.E.P.R. Discussion Papers - 2000

We construct a model to analyse the two types of tender procedures used by the European Central Bank (ECB) in its open …

Persistent link: https://www.econbiz.de/10005504412

Time Consistency When Open Market Operations are the Monetary Policy Instrument: Is There Really a Deflation Bias?

Rankin, Neil - C.E.P.R. Discussion Papers - 2001

We re-examine optimal monetary policy in a dynamic general equilibrium model where open market operations are the only policy instrument. The government optimizes purely over private agents’ welfare. We use a money-in-the-utility-function approach with a welfare cost of ‘current’...

Persistent link: https://www.econbiz.de/10005661830