Stracca, Livio; Ejerskov, Steen; Martin Moss, Clara - European Central Bank - 2003
This model provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to … understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been … deviations of the overnight rate from the main refinancing rate. Moreover, the paper finds that liquidity has affected the …