process in the euro area. This paper investigates how money market rates respond to the new information revealed by MRO …The relation between the ECB's main refinancing (MRO) rates and the money market is key for the monetary transmission … disconnection of money market rates from the policy-intended interest rate level. These findings support the fixed rate full …

We study the intraday interest rate in a CCP-based GC pooling repo market and its key determinants. Since collateral … used in this market is identical to collateral eligible for the daylight overdraft facility of the Eurosystem, any intraday … rate in this market cannot be a result of collateral constraints keeping banks from using the overdraft for arbitrage …

stronger in the sovereign debt crisis. Moreover, the interbank market – unlike other credit markets – allows to exploit the …

rate channel of monetary policy transmission. Therefore, we analyze the effectiveness of monetary policy in steering euro … area money market rates looking at, first, the predictability of money market rates on the basis of monetary policy … expectations, and second the impact of extraordinary central bank measures on money market rates. We find that during the crisis …

We assess to what extent wage inflation policies in Germany could contribute to an economic rebalancing in the euro … and output in Germany and the rest of the euro area. The duration of constant interest rates and expectations about the … consists of Germany, the rest of the euro area, and the rest of the world. …

Germany and the rest of the euro area. Using data from the German component of Eurosystem's real-time gross settlement system …

commercial banks to the Eurosystem's open market operations in conjunction with the redistribution of liquidity via the TARGET …